Ribbon Layoffs
November 2022
Ribbon announced a layoff affecting 170 employees (85% of its workforce) in November 2022. The company operates in the Real Estate sector.
170
85%
Nov 14, 2022
About
Real estate proptech startup Ribbon has laid off approximately 170 employees, representing about 85% of its remaining staff, in a major round of cuts on November 19, 2022. This drastic reduction leaves the company with fewer than 30 employees. The layoffs follow a previous cut of 40% of its workforce in July 2022, which had reduced headcount to around 200. Founded in 2017 and backed by investors like Goldman Sachs, Ribbon provides software and temporary financing for homebuyers making all-cash offers. The company cited the need for a "re-balance" amid a severe downturn in the housing market, driven by soaring interest rates and falling demand, which has battered the proptech and mortgage sectors. This event is part of a wider wave of layoffs across the tech and real estate industries in late 2022.
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