Flyhomes conducts third round of layoffs

 

Real estate startup Flyhomes conducted its third round of layoffs in less than 12 months.  The firm's headcount now stands at 470 employees, roughly half of its peak workforce strength of over 700. The layoffs were aimed at restructuring the firm towards profitability amid the real estate market downturn due to high mortgage rates. Flyhomes laid off 20% of its workforce during its first round of layoffs in Jul. 2022.  Five months later, the firm conducted a second round of layoffs.  The firm did not reveal the exact number of employees that were impacted due to the recent layoffs. However, the job cuts have primarily affected the operations associates and underwriters.  Flyhomes has raised over $200M in VC funding to date, of which $150M came in through a Series C round in June 2021.  Per Redfin, new listings and pending home sales were down 23% and 17%, respectively, for the four-week period ending May 28.