US-based Roofstock Cuts Workforce By 27% In Second Round: Report
The latest jobs cut comes 5 months after the fintech company laid off 20% of its staff
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).
Catch all the
Corporate newsand Updates on Live Mint. Download The
Mint News Appto get Daily
Market UpdatesBusiness News.
No Network
Server Issue
Internet Not Available
" + planName + ""; /* current plan info ends */ /* next billing html starts */ if (planData.next_billing_at != "" && planData.next_billing_at != "null" && typeof planData.next_billing_at != "undefined") {billingCycleText = "Next Billing Date : "; nextActivationDate = planData.next_billing_at; } else if (planData.expires_at != "" && planData.expires_at != "null" && typeof planData.expires_at != "undefined") {billingCycleText = "Expiry date : "; nextActivationDate = planData.expires_at; } else {billingCycleText = "Expiry date : "; nextActivationDate = planData.current_term_ends_at; } var nextBillingMonth = new Date(nextActivationDate).toDateString().split(" ")[1]; var nextBillingDay = new Date(nextActivationDate).getUTCDate(); var nextBillingYear = new Date(nextActivationDate).getFullYear(); var nextBillingHtml = nextBillingDay ? "" + billingCycleText + nextBillingDay + " " + nextBillingMonth + " " + nextBillingYear + "
Germany's Fragmented Government: A Crisis Of Leadership And Direction
Germany's government is struggling to maintain unity as internal conflicts within the coalition continue to escalate. Th... Read more
Strong Yen Reflects Positive Sentiment As Asian Equities Gain
The Japanese yen strengthened, reflecting positive sentiment as Asian equities posted gains. This trend highlights inves... Read more
Chinas Response To U.S. Tariffs: Threats And Predictions
Following the recent announcement by the Biden administration to impose new tariffs targeting $18 billion worth of Chine... Read more
U.S. Military Aid To Ukraine: Implications And Impact
In the shadow of escalating tensions and ongoing conflict in Eastern Europe, U.S. Secretary of State Antony Blinken's re... Read more
UN Secretary-General Urges Humanitarian Ceasefire In Gaza Amid Escalating Violence
As violence continues to escalate in Gaza, António Guterres, the Secretary-General of the United Nations, has issued a ... Read more
Driving Economic Transformation: China's Rmb1 Trillion Debt Sale
The Strategic Allocation of Debt Proceeds: China's debt proceeds are earmarked for strategic sectors that are poised to... Read more