Details: OpenStore will be based in Miami, where Rabois loudly relocated to last year from Silicon Valley, and already has hired around a half dozen employees.
- It's being launched in partnership with venture studio Atomic, whose founder Jack Abraham is another recent Miami transplant.
- Expect initial funding to come from both Atomic and Founders Fund, where Rabois is a general partner.
Shopping spree: OpenStore is part of a broader consolidation trend in e-commerce, as evidenced by a recent spate of Amazon seller rollups.
- A source describe the company as "Opendoor for e-commerce businesses." But that appears to be something of a misnomer, as we hear that OpenStore doesn't plan to flip the companies it buys.
- We are hearing consistently that it won't be just a carbon copy of other e-commerce consolidation plays, which effectively means more info to come.
Atomic and Founders Fund declined comment.
The bottom line: Rabois doesn't lack for ambition or bravado, and just upended the staid residential real estate market. So all eyes should be on what he does with digital retail.
