Tuesday, June 18, 2024

US-based Roofstock cuts workforce by 27% in second round: report

Roofstock, a US-based fintech firm on Thursday cut its workforce by 27% in second round of layoffs, according to a report by TechCrunch.

According to the report, the Roofstock employees were informed through an email.

The latest  jobs cut came 5 months after the fintech  company laid off 20% of its staff.

The Oakland, California-based proptech company allows people to buy and sell single-family rental homes in the US.

“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,” Gary Beasley, co-founder and CEO at Roofstock, was quoted as saying in the email by the report.

Beasley also said “the company was not expecting to have to cut more staff so soon, but that it needed to right size in an effort to reduce cash burn rate and ensure it has adequate capital runway until the market eventually turns”, the TechCrunch report said.

Last year, Roofstock had raised $240 million at a $1.9 billion valuation. SoftBank Vision Fund 2 led that funding round. The funding round also saw participation from existing and new investors including Khosla Ventures, Lightspeed Venture Partners, Bain Capital Ventures and others.

The company has raised a total of over $365 million in funding since its inception in 2015, according to Crunchbase.

In 2022, Roofstock sold single-family home through non-fungible tokens (NFTs). 

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