Proptech Company The roof of the roof TechCrunch announced in an email to employees that it is laying off 27 percent of its workforce today. The cuts come five months after the startup laid off 20 percent of its workforce.
Although the company’s website states that it has 400+ employees, or “Roofs” as the name suggests, it is not known if this figure is current.
Roof, one An online marketplace to invest in single family rental properties that were rented a year ago It raised $240 million on an estimate of $1.9 billion. SoftBank’s Vision Fund 2 led that financing, which included participation from existing and new backers including Khosla Ventures, Lightspeed Venture Partners, Bain Capital Ventures and others. Since its inception in 2015, Roofstock has raised a total of over $365 million in funding. Crunchbase.
According to an email seen by TechCrunch, co-founder and CEO Gary Beasley said today’s reduction in power (RIF) is “in response to the difficult macro environment” and is having a “negative impact” on Roofstock’s business.
He added that the company doesn’t expect to cut many jobs anytime soon, but needs the “right size” to “reduce cash burn” and “have enough capital runway until the market changes.”
Beasley sent the email apparently because the booster meeting had a “significant effect on the participants.”
Based in Oakland, California, Roofstock lets people buy and sell rental properties in dozens of U.S. markets. The premise behind the company is that both institutional and retail investors can buy and sell homes without forcing tenants to leave their homes. Meanwhile, buyers can probably generate income from day one.
In the year During the March 2022 addition, the company said it has made it even more convenient. 5 billion dollars In terms of sales, more than half of them came last year alone.
Just days before its final round of foreclosures last year, Roofstock made headlines by selling its first single-family home NFTs, or non-perishable tokens.
Rising mortgage rates and a slowing housing market in 2022 have led to continued challenges for many real estate technology companies this year. open door, Redfin, Compass, Better.com And to the house They are among other startups that have laid off workers. IBuyer also announced that Reali Closing After collecting 100 million dollars last year.
TechCrunch reached out to Roofstock but had not heard back at the time of writing, but multiple sources confirmed the layoffs today.
