Roofstock Layoffs
March 2023
Roofstock announced a layoff affecting 0 employees (27% of its workforce) in March 2023. The company operates in the Real Estate sector.
0
27%
Mar 22, 2023
About
Roofstock, a proptech company valued at $1.9 billion, has laid off approximately 27% of its workforce in its second round of job cuts within five months. The layoffs, announced on March 22, 2023, affect an unspecified number of employees from a team that was previously reported to be over 400. CEO Gary Beasley cited the challenging macroeconomic environment and its negative impact on the business as the reason, stating the move was necessary to reduce cash burn and extend the company's capital runway. Roofstock, which operates an online marketplace for investing in single-family rental homes, had raised significant funding, including a $240 million round led by SoftBank Vision Fund 2.
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