U.S. rooftop company cuts staff by 27% in second round: report

According to the report, Roofstock employees were informed via email.

The latest job cuts came 5 months after the fintech company laid off 20% of its staff.

Oakland, California-based proptech allows people to buy and sell single-family rental homes in the US.

“Today’s downsizing (RIF) was in response to the challenging macroeconomic environment and the negative impact it is having on Roofstock’s business,” Gary Beasley, co-founder and CEO of Roofstock, was quoted as saying in the report.

Beasley also said, “The company didn’t expect to have to lay off more staff so soon, but it needed the right size to lower its cash burn rate and provide an adequate capital runway until the market eventually turned around.” , TechCrunch report. said.

Roofstock raised $240 million last year at a $1.9 billion valuation. SoftBank Vision Fund 2 led this funding round. The funding round also involved existing and new investors, including Khosla Ventures, Lightspeed Venture Partners, Bain Capital Ventures and others.

Since its founding in 2015, the company has raised a total of more than $365 million in investments, according to Crunchbase.

In 2022, Roofstock sold a single-family home using non-fungible tokens (NFTs).