Real EstateUS

Side Layoffs

June 2022

Side announced a layoff affecting 0 employees (10% of its workforce) in June 2022. The company operates in the Real Estate sector.

People Affected

Percentage

10%

Announced Date

Jun 1, 2022

About

San Francisco-based real estate tech startup Side laid off approximately 10% of its workforce in early June 2022, citing over-expansion and market volatility. The company, which had been on an IPO track after raising over $250 million and reaching a $2.5 billion valuation, admitted it grew faster than it could train and support new hires. Facing economic shifts and rising mortgage rates, Side made the strategic cut to prepare for potential short-term impacts while maintaining services for its agent partners. This move followed a period of rapid growth, including expansion into 15 new states in 2021 and more than doubled revenue.