Proptech company Roofstock has laid off about 27% of its staff today, according to an email sent to employees viewed by TechCrunch. The cuts come just five months after the startup laid off 20% of its workforce.
The company’s website states that it has 400+ employees, or “Roofsters” as they’re dubbed, but it is not known if that figure is current.
Roofstock, an online marketplace for investing in leased single-family rental homes, one year ago raised $240 million at a $1.9 billion valuation. SoftBank Vision Fund 2 led that financing, which included participation from existing and new backers including Khosla Ventures, Lightspeed Venture Partners, Bain Capital Ventures, and others. Roofstock has raised a total of over $365 million in funding since its 2015 inception, per Crunchbase.
According to the email seen by TechCrunch, co-founder, and CEO Gary Beasley said today’s reduction in force (RIF) was “in response to the challenging macro environment” and the “negative impact” it is having on Roofstock’s business.