Ribbon Home, the New York-based company behind providing all-cash offers and software solutions for agents has decided to let go 136 of its employees ~ around 40% of its overall Workforce based on company’s Linkedin page.
The news was first reported by Inman, Ribbon which turned into a power buyer in the recent real estate asset spike. The company recently did expand into 8 new markets early this year and was on track to launch itself into a few more by the end of the year.
The company’s CEO Shaival Shah did mention that the company is adapting the “very significant shift in the market,” and said the company had “reduced all unnecessary non-salary expenses to minimize team impact” before resorting to layoffs.
Just last year the power buying company had snagged a $150mn Series C round led by Greenspring Associates. The CEO also noted that the company won’t be looking into a fresh funding at the moment.