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Startups catering to home buyers are struggling as interest rates and inflation continue to rise and inventory shortages persist in many markets.
The latest victim in space is Reilly, as he said It’s starting to close. And on September 9, it will lay off most of its workforce.
as if press releaseco-Founder and Chairman Amit Heller “The difficult real estate and financial market conditions and unfavorable capital raising environment” led to the decision to stop operations.
“Realy was one of the pioneers in offering ‘Buy Before You Sell’ and ‘Finance’ programs to homeowners,” the release said. “We believe in putting the consumer first in every transaction.”
Amit Haller And Amy Avrahami founded True Real estate investors in Israel in 2016 grew out of personal frustration with the quality of service provided by agents and the high commissions they paid.
Their goal was to make the “real estate buying and selling process more transparent, honest and professional.”
The startup is said to allow customers to buy and sell in one integrated transaction, “eliminating resale contingencies, moving twice and paying off two loans at once.”
Since its inception, the company has raised over $290 million in debt and equity funding, Crunchbase reports. It was his last raise. $100 million Series B To be conducted in August 2021 Zeev Ventures With participation from Acadian Ventures, Sinia Ventures and others. The company was at the time of that increase It is reported that it has 180 employeesAccording to Calcalist at CTECH. As reported in the same publication this week Riley had 140 employees..
Riley said at the press conference A “small team of employees” will continue to support active real estate transactions through the end of the year.
The company said it is in talks with companies interested in buying some of its business; These include mortgage origination, title and asset purchases, and energy purchases.
Haller And Avrahami also founded Veev, ar another beginnerThe real estate developer became a tech-enabled home developer in March He collected 400 million dollars in the Serie D round This propelled the company to “unicorn status”.
Riley is not alone in his problems. to the house It recently laid off about 20% of its workforce. And Better.comHe has done thousands of jobs this year, which includes many other cases.
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