Seattle-based real estate tech startup Flyhomes has conducted another round of layoffs as the housing market continues to sputter.
The company announced the decision Thursday on LinkedIn. A company spokesperson didn't say how many people remain at the company or how many were impacted by the cuts.
"This decision comes in the face of persistent and worsening industry headwinds which have prompted us to restructure our business to best meet the needs of our customers in a rapidly evolving real estate market," Flyhomes said in the post. "Undoubtedly, the most difficult part of restructuring is the elimination of roles and talent."
Flyhomes, founded in 2016, said in January 2022 it had about 820 employees. The company now has 360 employees listed on LinkedIn. Its business has been hit by high interest rates and decreased demand for homes. The company cited the cooling housing market during previous rounds of layoffs.
Flyhomes allows homebuyers to present all-cash offers so they can stand out. After moving into their new homes, buyers can transition to a long-term mortgage, either through Flyhomes or an outside lender. Users can also search homes on Flyhomes, which offers a listing service for sellers.
Thursday's news marks the fourth round of layoffs for Flyhomes since July 2022, when the company laid off about 20% of its staff. The company laid off an undisclosed number of employees in November 2022 and an undisclosed number in June of this year. Flyhomes in 2021 raised a $150 million Series C round.
Flyhomes at the start of September moved out of its roughly 9,000-square-foot space at 1201 Western Ave. The company now occupies a roughly 4,000-square-foot space in the Logan Building at 500 Union St. A spokesperson said at the time that the company leased the 1201 Western space before it adopted remote-first work amid the Covid-19 pandemic.
In September, Flyhomes announced the acquisition of Home Sale Assured, which helps customers buy their new home before selling their old one. The companies didn't disclose the financial terms of the deal. Flyhomes acquired host-to-own startup Loftium in February.
Flyhomes' investors include Norwest Venture Partners, Battery Ventures, Balyasny Asset Management, Fifth Wall, Trustbridge Partners, Camber Creek, Zillow co-founder Spencer Rascoff, Andreessen Horowitz and Canvas Ventures.
