Lev

Commercial real estate finance startup Lev has laid off 34 employees, as reported in May 2023. This follows a previous round of roughly 30 layoffs late last year. The company, which operates a platform using AI to connect property borrowers with lenders, has been impacted by a significant industry slump driven by rising interest rates, which has choked off commercial real estate lending and reduced transaction volumes. Founded in 2019, Lev had previously secured substantial venture capital, including a $70 million Series B round. The layoffs reflect broader challenges in the proptech and commercial real estate sectors amid economic tightening.

Commercial real estate finance startup Lev laid off approximately 30 employees last week, representing less than 30% of its workforce, as part of a broader industry trend. The company, which operates a digital lending platform and had raised significant funding, made these cuts primarily within its sales and operations teams. CEO Yaakov Zar cited over-hiring in anticipation of stronger 2023 growth, which now seems unlikely due to rising interest rates slowing CRE financing. The layoffs occurred in early December 2022, amid widespread cutbacks in both the technology and real estate sectors.