Side

Side, a venture-backed white-label residential brokerage based in San Francisco, has conducted a new round of layoffs, citing "technology advancements" and the "macroeconomic climate" as reasons. While the exact number of employees affected in this October 2022 round was not disclosed, it follows a previous layoff in June 2022 where the company cut 10% of its workforce. The firm, last valued at $2.5 billion in mid-2021, operates in the competitive real estate technology sector and is part of a broader trend of brokerages like Anywhere Real Estate and Compass reducing staff to cut costs amid a slowing housing market. The recent cuts reportedly had minimal impact on product, engineering, and agent growth teams.

San Francisco-based real estate tech startup Side laid off approximately 10% of its workforce in early June 2022, citing over-expansion and market volatility. The company, which had been on an IPO track after raising over $250 million and reaching a $2.5 billion valuation, admitted it grew faster than it could train and support new hires. Facing economic shifts and rising mortgage rates, Side made the strategic cut to prepare for potential short-term impacts while maintaining services for its agent partners. This move followed a period of rapid growth, including expansion into 15 new states in 2021 and more than doubled revenue.