Fri. Jun 21st, 2024
Flyhomes CEO Tushar Garg. (Flyhomes Photo)

Seattle real estate startup Flyhomes has conducted another round of layoffs as the company faces what it calls “persistent and worsening industry headwinds.”

Flyhomes shared the news in a post on LinkedIn on Thursday. The company did not specify how many employees were impacted, only writing that “many beloved teammates” had been let go. And a company spokesperson declined to share the company’s current headcount with GeekWire.

The startup, which helps home-buyers secure purchases with all-cash offers, laid off an undisclosed number of employees in June. It cut 20% of its workforce in July 2022 and again reduced headcount in November 2022.

More cuts appear to have taken place this fall, as Kyle Munson, a former VP of growth marketing at Flyhomes, posted on LinkedIn in November that he was “laid off a few weeks ago.”

“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,” the company’s post on LinkedIn said this week. “Each step we took these past few years was done with thoughtfulness and careful consideration to minimize these types of measures. Ultimately though, they simply were not enough, and for that we are sorry.”

Real estate startups have been hit hard by higher mortgage interest rates and broader macroeconomic headwinds, and layoffs have been felt across the industry at companies including Redfin, Opendoor, Compass and others.

Founded in 2016, Flyhomes is led by CEO and co-founder Tushar Garg. It has raised more than $200 million to date, including a $150 million Series C round raised in June 2021.

The company offers a suite of mortgage and home-buying services. It provides a Buy Before You Sell program that helps sellers buy and move into their next home before selling their current property.

In September, Flyhomes vacated office space near the Seattle waterfront to move to a 4,000 square-foot office at 500 Union St. Suite 325 in downtown. A company spokesperson said the downsizing of space was a result of shifting to a remote-first work policy, and an updated headcount was not provided.

Flyhomes acquired the host-to-own startup Loftium in February. The company also acquired assets from Home Sale Assured, a Chicago-area company that helps homeowners move into a new home without needing to sell their current home.

Flyhomes investors include Norwest Venture Partners, Battery Ventures, Fifth Wall, Camber Creek, Balyasny Asset Management, Andreessen Horowitz, Canvas Partners, and former Zillow Group CEO Spencer Rascoff.

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