Proptech startup Roofstock laid off 27% of its workforce.
This is the firm's second round of layoffs after it reduced its workforce strength by 20% five months ago. CEO Gary Beasley blamed the layoffs on the current macroeconomic conditions, which have negatively impacted its business.
The firm conducted the layoffs to ensure it had "adequate capital runway until the market eventually turns."
- Roofstock has raised $365M in total funding to date, receiving $240M last year at a valuation of $1.9B.
- The firm is backed by SoftBank, Khosla Ventures, Lightspeed Venture Partners, Bain Capital Ventures, and others.
- The Oakland, Calif.-based startup does not expect any more layoffs.
