Lev Layoffs
May 2023
Lev announced a layoff affecting 34 employees in May 2023. The company operates in the Real Estate sector.
34
May 1, 2023
About
Commercial real estate finance startup Lev has laid off 34 employees, as reported in May 2023. This follows a previous round of roughly 30 layoffs late last year. The company, which operates a platform using AI to connect property borrowers with lenders, has been impacted by a significant industry slump driven by rising interest rates, which has choked off commercial real estate lending and reduced transaction volumes. Founded in 2019, Lev had previously secured substantial venture capital, including a $70 million Series B round. The layoffs reflect broader challenges in the proptech and commercial real estate sectors amid economic tightening.
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