German real estate startup Homeday, facing a severe market downturn, has been fully acquired by media conglomerate Axel Springer. As part of this takeover and a strategic refocusing, the company is cutting one-fifth of its workforce. The exact number of layoffs is not specified, but this significant reduction coincides with the departure of all three founders. The move, confirmed in September 2023, is a direct response to the crisis in the property sector, where high inflation, rising interest rates, and sustained high prices have drastically reduced buyer activity and transaction volumes, crippling Homeday's commission-based business model.
