The source added: “The layoffs were attributed to the macroeconomic climate, the current cost of capital, and the need to conserve cash. TechCrunch reached out to Divvy Homes for additional details but had not heard back at the time of writing. Doing the math, that means it likely had just under 200 employees prior to the cuts. It’s not known how many employees remain at the company.Ī source familiar with internal happenings at Divvy said the most recent round of layoffs made up almost half the company. The terminations will take effect as of November 7. The job cuts affect people working in a wide range of roles, including the vice presidents of sales, compliance, people and comms/PR, as well as a senior recruiter, a number of software engineers and account executives. The 94 employees are spread across the United States, with some based in the company’s San Francisco headquarters as well as remote employees in other locations such as Colorado, Florida, Ohio, Texas and Washington, according to a September 7 letter that Divvy Homes’ head of talent Rachel Ergmann sent to Oregon’s Office of Workforce Investments. The layoffs - its third round in the past year - represents the latest blow to the real estate tech company, as mortgage interest rates have continued to surge. Divvy Homes, the rent-to-own startup that gained attention and investment from Tiger Global and other high-profile investors, is laying off 94 employees.
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