Divvy Homes Layoffs

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Divvy Homes, a fintech startup in the real estate tech industry, laid off 94 employees in September 2023, marking its third round of job cuts within a year. This reduction affected nearly half of the company's workforce, which was estimated to be just under 200 employees prior to the layoffs, representing a cut of about 50%. The terminations, effective November 7, impacted various roles including vice presidents and engineers across the U.S. The company, once valued at $2 billion with backing from investors like Andreessen Horowitz and Tiger Global, attributed the layoffs to challenging macroeconomic conditions, high interest rates that disrupted its business model, and the need to conserve cash. This follows earlier layoffs in February and September 2022, reflecting ongoing struggles in the high-interest-rate environment.

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