Proptech roof stock The company laid off about 27% of its workforce today, according to an email sent to employees seen by TechCrunch. The cut comes just five months after the startup laid off his 20% of its workforce.
The company’s website says it has more than 400 employees, or “Roofstars,” as it’s called, but it’s unclear if that number is current.
roof stock Online Marketplace for Investing in Rental Single-Family Rental Homes, 1 Year Ago Raised $240 million at $1.9 billion valuation. SoftBank Vision Fund 2 led the fundraising, with participation from existing and new backers including Khosla Ventures, Lightspeed Venture Partners and Bain Capital Ventures. Since his inception in 2015, Roofstock has raised over $365 million in total funding. crunch base.
According to an email seen by TechCrunch, co-founder and CEO Gary Beasley said today’s cut in RIF was a “response to a challenging macro environment” and was having a “negative impact” on Roofstock’s business. says.
The company did not anticipate needing to cut headcount anytime soon, but to “reduce the cash burn rate” and ensure “an adequate capital runway until the market finally changes.” It needs to be “appropriately sized,” he added.
Beasley sent the email, apparently because the Zoom meeting it was featured in was “attacked to capacity.”
Based in Oakland, California, Roofstock allows people to buy and sell rental homes in dozens of U.S. markets. The premise behind the company is that both institutional and individual investors can buy and sell homes without forcing renters to leave their homes. Buyers, on the other hand, can probably start earning from day one.
At the time of the March 2022 funding, the company will: $5 billion In terms of trading volume, more than half of that was from last year alone.
Just days before the final round of layoffs last year, Roofstock made headlines by selling its first single-family home using NFTs (Non-Fungible Tokens).
Rising mortgage rates and a slowing housing market will pose challenges for many real estate tech companies in 2022 and continue to do so this year. open the door and redfin, compass needle, better dot com and Return trip One of the other startups that laid off employees. IBuyer Reali also announced shutting down After raising $100 million the year before.
TechCrunch reached out to Roofstock but didn’t hear back at the time of writing, but multiple sources confirmed the layoffs took place today.
