Israeli proptech startup Localize, a sister company of Madlan, is shutting down its U.S. operations due to a severe crisis in the American real estate market. The closure, announced on August 19, 2024, results in layoffs for its entire U.S. team, though the exact number of affected employees is not specified. The company, which had raised about $70 million, cited a significant two-year decline in real estate transaction volumes, driven by high interest rates and regulatory changes, as the primary reason for the painful decision. While Localize's activities in the U.S. cease, Madlan's operations in Israel will continue unaffected.
