Casavo, a European proptech company, announced on February 13, 2023, that it is laying off approximately 30% of its workforce. This difficult decision was communicated by CEO Giorgio Tinacci as a necessary step to strengthen the company's foundations amid a challenging market. The layoffs are driven by a downturn in the residential real estate market due to rising interest rates and inflation, alongside a cautious investment climate for tech companies, making external funding unreliable. To ensure long-term success, Casavo is focusing on achieving financial self-sustainability, moving away from dependence on additional capital. The company, which operates a next-generation residential marketplace, is adjusting its team size to navigate these economic headwinds and continue its mission of transforming how people buy and sell homes.
