Home News Real estate tech startup Reali to shut down after raising $100M one year ago – TechCrunch

Real estate tech startup Reali to shut down after raising $100M one year ago – TechCrunch

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Startups catering to homebuyers are struggling as interest rates and inflation continue to rise and inventory shortages persist in many markets.

The latest casualty in space is Reali, who announced it. shutdown started And most of the employees will be laid off on September 9th.

and press releasecAmit Haller, founder and chairman of o, said “difficult real estate and financial market conditions and an unfavorable capital raising environment” led to the decision to wind down.

“Reali is one of the pioneers in offering ‘Buy Before Sale’ and ‘Cash Offer’ programs to homeowners,” he said in a release. “We deeply believed in benefiting the consumer above all else in every transaction.”

Amit Haller Founded by Ami Abrahami Reali In Israel in 2016, out of personal frustration as a real estate investor with the quality of service provided by agents and the high commissions they pay.

Their goal was to “make the real estate buying and selling process more transparent, honest and professional.”

The startup advertised that customers could buy and sell in one coordinated transaction, allowing them to “eliminate resale contingencies, move twice, and pay two mortgages at once.”

Since its inception, the company has raised more than $290 million in debt and equity funding, according to Crunchbase.last pay raise $100 million Series B Lead in August 2021 Jeeve Ventures With participation from Akkadian Ventures, Signia Ventures and othersAt the time of that raise, the company Reported to have 180 employees, according to CTECH by Calcalist.The same publication reported this week Reali had 140 employees.

In that press release, Leari said: A “small team of employees” will continue to support active real estate transactions until the end of the year.

The company added that it is in discussions with companies that have expressed interest in buying certain parts of the business, including mortgage originations, title and escrow, and power purchases.

Haller Avrahami also founded another startup, Veev.Property developers turned tech-enabled home builders in March. Raises $400 million in Series D round That propelled the company to “unicorn status.”

Reali isn’t the only one with challenges. Return trip recently laid off 20% of its workforce.When better dot comhad many other problems, but laid off thousands of people this year.

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