Real EstateUS

Ribbon Layoffs

July 2022

Ribbon announced a layoff affecting 136 employees in July 2022. The company operates in the Real Estate sector.

People Affected

136

Announced Date

Jul 28, 2022

About

Ribbon, a real estate technology company known as a "Power Buyer," laid off 136 employees on July 28, 2022, which represented about one-third of its workforce. The layoffs were part of a strategic move to find a clear and achievable path to profitability amid significant market volatility and shifting housing demands. Despite recently expanding into eight new states and more than doubling its market footprint, the company faced challenges as post-pandemic housing behavior revealed affordability issues and softened first-time homebuyer demand. Ribbon, which had raised $150 million in Series C funding and operates in 15 states, partners with agents and lenders to help homebuyers make cash offers. CEO Shaival Shah emphasized the need to adapt to the new market reality while continuing to expand into new areas and develop tools like RibbonHub to meet evolving needs.