Better.com CEO Vishal Garg told The Information that the firm is open to raising a down round to ensure the firm's survival.
Better.com is also pursuing an IPO listing via a SPAC merger.
Despite the fact that it has already slashed its workforce strength by
nearly 89% since 2021, Garg "didn't rule out" more worker reductions in
the near future.
- The
rise in interest rates nearly crushed its core mortgage refinancing
business, with the firm now pivoting toward digital home loans.
- The
New York-based startup reported a $172M profit in 2020 before spiraling
into losses of $304M in 2021, followed by $328M in Q1 2022.
- Better.com
has been in talks regarding a SPAC merger with Aurora Acquisition Corp.
since 2021. The deal would have fetched the firm $650M at a valuation
of $7.7B.
- The SPAC merger deadline was pushed back to September 2023.
- In November 2021, the firm raised a $750M bridge financing round from SoftBank.
