Loft, a Brazilian proptech firm that was valued at $2.9 billion last year, has laid off 380 employees, according to TechCrunch

Loft, a Brazilian proptech firm that was valued at $2.9 billion last year, has laid off 380 employee ...

Loft, a Brazilian proptech unicorn, has laid off about 380 employees, or 12% of its workforce, the company has begun operations today.

Loft's next round of reductions this calendar year has been so extensive. In April, Bloomberg Linea reported that the company had reduced 159 employees. That would suggest that Loft has permitted the departure of just about 540 employees this year so much. It currently has about 3,200 employees.

Loft, which claims to utilize technological advancement to simplify and facilitate genuine estate and credit transactions, described the move as a reorganization of its procedures in an emailed statement. The affected workers were those who serve Loft and acquired businesses.

The impacted workers would also receive a special rewards package, which includes:

The business was also mentioned:

Loft appreciates the persistence of those who have left the organization and is willing to accommodate them in whatever circumstances are acceptable to relocate to the present market, and expresses its regrets about the departure of these employees, which were carried out in the following four months, each by means of organically created goods and by acquisitions. With these measures, the Loft Team continues to operate as a robust business, offering innovative products to consumers throughout the country.

Loft aspires to be a one-prevent shop for Brazilians to assist them with the house acquisition and selling process. TrueHome is a Mexico town-dependent business founded at the start of its worldwide expansion. At that time, the company mentioned it experienced developing into the actual estate e-commerce system with the maximum income outside the house China.

Loft, a Sao Paulo-based business, had closed a $100 million round of investment in April 2021, according to TechCrunch, after the firm's founders told the publication that the company had raised $700 million in in a matter of weeks. Given that its 2018 start, Loft has raised $800 million in equity funding from Baillie Gifford, Andreessen Horowitz (a16z), QED, and Tiger World Wide.

According to Mate Pencz, the number of listings on Loft's web page increased from 10 to 15 in 2020. At the time of its last raising in April 2021, the company disclosed that it actively managed more than 13,000 house listings in more than 130 regions throughout Sao Paulo and Rio de Janeiro.

Lofts co-founder Kristian Huber reported that the business had governance and compliance all set for US funds markets, but could wait [for] the ideal time to go public, according to Bloomberg Linea.

QuintoAndar, a Brazilian digital real estate broker, was launched in June in Mexico Metropolis, marking the first time the company has expanded outside of its home state. Very last August, QuintoAndar introduced it experienced lifted $120 million at a $5 billion valuation. In April, the business laid off 160 people today, or 4% of its staff.

Latin The us is also going through a slowdown as a result of rising curiosity charges, among other things. In June, TechCrunch reported that Redfin and Compass conducted layoffs that totaled about 920 individuals.

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