Startups

Flyhomes does one other spherical of layoffs as slowing housing market hurts actual property tech corporations

You are interested in Flyhomes does one other spherical of layoffs as slowing housing market hurts actual property tech corporations right? So let's go together Doshared.com look forward to seeing this article right here!

Flyhomes CEO Tushar Garg. (Flyhomes Photo)

Seattle real estate startup Flyhomes is laying off employees for the second time in five months.

“Building the world’s best home buying and selling experience can only happen if we continue to adapt to the rapidly shifting market conditions, and take the necessary, albeit painful steps, to preserve capital through uncertain economic conditions to ensure the long term trajectory of the company,” the company wrote on LinkedIn. “The reality is, the housing sector is now in a recession, and the latest reports show that the market is expected to continue cooling for longer than anyone initially predicted.”

A spokesperson declined to provide details on the number of cuts or total headcount. Update: Tracy Adamo, a director at the company who was laid off, wrote on LinkedIn that nearly 40% of the workforce was cut.

The company laid off approximately 20% of its staff in July. It has around 700 employees, according to LinkedIn.

Real estate tech companies are looking to cut costs amid a slowing housing market and rising interest rates, as well as broader economic uncertainty. Redfin announced it was laying off 13% of its workforce Wednesday. Redfin CEO Glenn Kelman said the market in 2023 “is likely to be 30% smaller than it was in 2021.”

Founded in 2016, Flyhomes helps people buy homes using a cash offer program which presents customers as the equivalent of cash buyers.

The startup also offers mortgage services and has a Buy Before You Sell program that helps sellers buy and move into their next home before selling their current property.

Flyhomes has helped customers buy more than $3 billion worth of homes.

See also  Amazon CEO Andy Jassy addresses layoffs, says ‘there might be extra position reductions’

The company is led by CEO and co-founder Tushar Garg. It has raised more than $200 million to date, including a $150 million Series C round raised in June 2021. Investors include Norwest Venture Partners, Battery Ventures, Fifth Wall, Camber Creek, Balyasny Asset Management, Andreessen Horowitz, Canvas Partners, and former Zillow Group CEO Spencer Rascoff.

Lost a job? Need help finding work? GeekWire’s new recruiting service, GeekWork, can help. Reach out to GeekWork managing director Jason Greer to learn more on how we connect technical talent to amazing job opportunities. Contact: [email protected]

Conclusion: So above is the Flyhomes does one other spherical of layoffs as slowing housing market hurts actual property tech corporations article. Hopefully with this article you can help you in life, always follow and read our good articles on the website: Doshared.com

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button