Roofstock, valued at $1.9B last year, cuts 27% of staff in second round of layoffs

News Summary

  • IBuyer company Reali last August said it was shutting down, just a year after raising $100 million.TechCrunch has reached out to Roofstock but had not heard back at the time of writing, but multiple sources confirmed that layoffs had taken place today.
  • Roofstock has raised a total of over $365 million in funding since its 2015 inception, per Crunchbase.According to the email, co-founder and CEO Gary Beasley said today’s reduction in force (RIF) was “in response to the challenging macro environment” and the “negative impact” it is having on Roofstock’s business.
  • The premise behind the company is that both institutional and retail investors can buy and sell homes without forcing renters to leave their homes.
  • Proptech company Roofstock has laid off about 27% of its staff today, according to an email sent to employees that was viewed by TechCrunch.
  • SoftBank Vision Fund 2 led that financing, which saw participation from existing and new backers including Khosla Ventures, Lightspeed Venture Partners, Bain Capital Ventures and others.
  • Meanwhile, buyers can also presumably generate income from day one.
Proptech company Roofstock has laid off about 27% of its staff today, according to an email sent to employees viewed by TechCrunch. The cuts come just five months after the startup laid off 20% of it [+2320 chars]