Flyhomes is the newest tech startup to chop jobs.
The Seattle actual property firm laid off roughly 20% of its workers, a spokesperson confirmed to Startup. The corporate didn’t present an up to date headcount. It has 763 staff, in line with LinkedIn. One worker mentioned 200 employees have been let go.
Tech corporations throughout varied industries are shedding staff or freezing hiring as a approach to curb bills amid the present downturn. Rising rates of interest are affecting U.S. house gross sales, which has pressured actual property corporations equivalent to Flyhomes and others to trim headcount.
Flyhomes cited the influence of rate of interest will increase on demand for housing in an announcement about its layoffs.
“To construct the world’s finest house shopping for and promoting expertise, we should function in a way that’s each fiscally prudent and sustainable within the face of unsure financial situations,” the corporate mentioned.
Redfin, one other Seattle actual property firm, laid off 8% of its workforce final month. Compass additionally reduce jobs and shut down its Seattle-based title enterprise.
Different Seattle-area tech startups together with Convoy, Qumulo, and Esper have laid off staff in latest months. Google is freezing hiring for 2 weeks, The Info reported Wednesday.
Based in 2016, Flyhomes helps folks purchase houses utilizing a money supply program which presents prospects because the equal of money consumers. A majority of the corporate’s income comes from agent commissions.
The startup additionally gives mortgage providers and has a Purchase Earlier than You Promote program that helps sellers purchase and transfer into their subsequent house earlier than promoting their present property.
Flyhomes has helped prospects purchase almost $3 billion price of houses.
The corporate is led by CEO and co-founder Tushar Garg. It has raised greater than $200 million up to now, together with a $150 million Collection C spherical raised in June 2021. Buyers embody Norwest Enterprise Companions, Battery Ventures, Fifth Wall, Camber Creek, Balyasny Asset Administration, Andreessen Horowitz, Canvas Companions, and former Zillow Group CEO Spencer Rascoff.