Proptech startup Rhino, which offers an alternative to security deposits for renters, laid off 57 employees on February 4, 2022, representing over 20% of its staff. This reduction leaves the company with 198 employees. The New York-based firm, founded in 2017, cited market volatility and a strategic push to reach profitability faster as key reasons for the cuts. The layoffs occurred just a year after Rhino raised $95 million in a pre-IPO round, highlighting the pressure on proptech startups to adapt to a challenging macroeconomic climate. While many affected were recent hires, the company continues to recruit for key technology roles.
