Redfin
Facts
- HQ
- Seattle, WA, US
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- Real Estate
- Employees
- 5659
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- Public
Seattle Startup Flyhomes Lays Off Staff Third Time in a Year, Workforce Shrinks from 700 to 470 Amid Housing Market Downturn
Seattle real estate startup Flyhomes, led by CEO Tushar Garg, laid off employees for the third time in a year to focus on profitability amid a challenging housing market. The company's workforce has declined from about 700 in November to roughly 470 currently, reflecting broader layoffs in the Seattle real estate tech sector amid declining home prices and sales.
GeekWire Week in Review (May 14, 2023): Top stories include ex-CFO indicted over $35M crypto transfer, Bezos’ $500M yacht, and Amazon legal/personnel news
GeekWire's Week in Review for May 14, 2023 lists the site's most-read stories, including a Seattle startup ex-CFO indicted over an alleged $35M crypto transfer, Jeff Bezos' $500M yacht, and Amazon-related legal and personnel news.
Rad Power Bikes Executes Fourth Round of Layoffs Since April 2021 Amid Economic and Legal Challenges
Rad Power Bikes has laid off employees for the fourth time since April 2021, reducing its workforce amid economic challenges and legal issues. The Seattle-based e-bike company now has around 400 employees and is working to become more sustainable under new leadership.
Flyhomes Acquires Seattle’s Loftium to Expand Host-to-Own Real Estate Services
Flyhomes has acquired Seattle-based host-to-own real estate platform Loftium, expanding its home-buying services while retaining Loftium’s team and operations amid a challenging market. Loftium’s unique model enables buyers to use rental income from Airbnb hosting to finance down payments, a program launched a year ago.
Seattle Startup Atomo Restructures and Cuts Workforce Six Months After $40M Funding
Seattle-based startup Atomo, which makes coffee from upcycled plant ingredients, is undergoing a strategic realignment and restructuring just six months after raising $40 million, including workforce reductions. CEO Andy Kleitsch said the company aims to scale its sustainable coffee offerings more quickly by adding new specialized staff.
Flyhomes Cuts Nearly 40% of Staff Amid Housing Market Recession and Cooling Demand
Seattle-based real estate startup Flyhomes has laid off nearly 40% of its workforce in a second round of cuts due to a recession in the housing sector and a cooling market. The company, led by CEO Tushar Garg, has about 700 employees and has raised over $200 million since its 2016 founding.
Abodu, Backed by Redfin CEO, Launches Prefab Backyard Homes in Seattle to Boost Affordable Housing
Abodu, a Redwood City-based startup backed by Redfin CEO, is expanding its prefabricated backyard homes business to Seattle, leveraging local policies that support accessory dwelling units. The company aims to address housing affordability by offering pre-approved DADUs that add gentle density to single-family neighborhoods.
Ex-Amazon VP Andrew Hamel Joins Booster as CTO Amid Multiple Pacific Northwest Tech Executive Moves
Andrew Hamel, former Amazon VP, joined mobile energy startup Booster as CTO, bringing extensive tech leadership experience. Several other Pacific Northwest tech firms also made key executive hires, including 1Password, Peek, Pie Insurance, Paymentus, and Opendoor.
Seattle’s Arrived Homes Raises $50M for Fractional Property Investment Amid Housing Affordability Debate
Real estate tech startups like Seattle-based Arrived Homes are enabling fractional ownership of properties, funding about $50 million in assets across 20 U.S. cities, but critics argue these platforms reduce scarce housing inventory and drive up prices. Experts suggest the root issue is limited housing supply rather than the rise of investing platforms.
Madrona Venture Group raises $120M Fund VII Extension to support 10–12 portfolio companies from its 2018 $300M fund
Madrona Venture Group has raised a $120 million Fund VII Extension Fund from prior investors to provide follow-on capital for 10–12 companies from its 2018 $300 million Fund VII, responding to larger, faster rounds in today’s frothy venture market.
Inspectify raises $8M Series A led by Nine Four Ventures; total funding $10M to digitize home inspections
Inspectify, a two-year-old Seattle proptech startup that provides a booking marketplace and inspection software, raised $8 million in a Series A led by Nine Four Ventures to digitize home inspection reporting and aggregate inspection data.
Cascadia Capital Raises $150M SPAC and Eyes Pittsburgh Tech Acquisition, CEO Calls City 'Seattle 10–15 Years Ago'
Seattle investment bank Cascadia Capital raised $150 million for a SPAC, Cascadia Acquisition Corp., and is targeting a Pittsburgh tech company—citing local strengths in AI, robotics, automation and research from Carnegie Mellon and University of Pittsburgh. CEO Michael Butler, who has spent more time in Pittsburgh recently, said the city resembles Seattle 10–15 years ago and is poised for a tech boom.
Opendoor acquires Seattle’s Pro.com and San Francisco’s Skylight, will shut both platforms
Opendoor acquired Seattle-based Pro.com and San Francisco-based Skylight, will discontinue both companies' consumer platforms and integrate their teams and technology into Opendoor’s roadmap; deal terms were not disclosed. The moves give Opendoor a Seattle presence and add home-improvement talent as the iBuyer expands amid increased digital homebuying adoption.
David Wolf
David Wolf is the founder and CTO of JetClosing, a tech startup in the Real Estate space working to make all-digital home closings the new normal. A UW and Stanford CS graduate, he has worked in the Seattle area tech scene for over 20 years. Prior to JetClosing, he worked At Amazon, where he ran the team who built the Amazon retail shopping iPhone app, used by millions worldwide. He also led teams at other local tech companies like Xome, Motricity, and Infospace. David also happened to be one of Redfin’s first customers in 2006, and is passionate about transforming…
Seattle startup Plunk raises $6.5M seed from Unlock Ventures to recommend remodels that boost home value
Seattle startup Plunk raised a $6.5 million seed round led by Unlock Ventures to expand its app that uses image processing, AI and machine learning to recommend remodels that raise home value. The free app has analyzed over 1 million homes in Seattle, identifying about $400 billion in combined potential "Plunk Value," while the company focuses on establishing credible analytics before announcing monetization plans.
Startup Haven launches Startup Haven Ventures, adds Westerdal, Yu and Mbemba; PSL promotes three; Adam Selipsky named AWS CEO
Startup Haven, founded by Bob Crimmins, launched Startup Haven Ventures and expanded its team to include Jay Westerdal, Arry Yu and Claudius Mbemba; the fund targets pre-seed, capital-efficient companies with a Pacific Northwest focus and made its first investment in Verdi. Seattle’s Pioneer Square Labs promoted Palvi Mehta, David Zager and Ben Gilbert; separately, Tableau CEO Adam Selipsky will become AWS CEO, replacing Andy Jassy.
Talking SPACapalooza with angel investor Spencer Rascoff
When we reached out to entrepreneur and angel investor Spencer Rascoff on Tuesday with notes about appearing on the GeekWire podcast — an appearance that was scheduled several weeks ago — we mentioned possible discussion topics around SPACs, real estate trends and any other big tech news events of the week. And then we made the age-old journalistic error, pointing out that it had been a "pretty slow news week so far, but I am sure something will pop in the next day or two that might make life interesting." Indeed it did. But we had no idea that this…
JetClosing raises $11M Series B, names former Amazon and Bulletproof exec Anna Collins as CEO
Seattle digital home-closing startup JetClosing raised an $11 million Series B led by funds advised by T. Rowe Price, Pioneer Square Labs and Trilogy Equity, bringing total funding to $44 million. The company also named former Amazon and Bulletproof executive Anna Collins as its new CEO, replacing founder Daniel Greenshields.
Madrona Venture Group Raises $345M for 8th Fund and $161M for 2nd Later-Stage Fund in Largest Ever $500M Capital Raise
Madrona Venture Group raised over $500 million for its largest fundraise ever, including $345 million for an eighth early-stage fund targeting 35-40 Pacific Northwest startups and $161 million for a second later-stage Acceleration Fund. The firm continues to focus on supporting the Pacific Northwest tech ecosystem while also backing later-stage companies across North America.
Porch Group (PRCH) Raises $322M, Debuts on Nasdaq with $1B+ Valuation After SPAC Merger
Seattle-based home services technology company Porch (now Porch Group) went public via a SPAC merger and private investment, raising more than $322 million and debuting with a market value above $1 billion at $15 per share. Founder and CEO Matt Ehrlichman marked the Nasdaq opening bell on Dec. 24, 2020, and the company will trade under ticker PRCH.
Joon Care raises $3.5M to expand remote therapy for teens and young adults
Seattle startup Joon Care raised $3.5 million to expand its remote therapy service for teens and young adults, connecting clients with licensed youth-focused therapists through 16-week subscription plans. The year-old company, led by CEO Josh Herst and chief psychologist Amy Mezulis, launched from PSL’s studio and has expanded service to Washington, California, and Oregon.
Tom Alberg invested in Amazon’s 1995 seed round, joined its board and co-founded Madrona to build Seattle’s tech scene
Tom Alberg invested in Amazon’s 1995 seed round, joined its board, and later co-founded Madrona Investment Group to back Pacific Northwest internet startups, helping shape Seattle’s tech ecosystem. His early bets and leadership influenced regional tech growth and left a legacy noted by Jeff Bezos and others.
Seattle startup Plunk raises $2M+ to power AI-driven home valuation and renovation recommendations
Seattle startup Plunk, founded by Brian Lent and David Bluhm, has developed an app that uses image processing, AI and machine learning to evaluate home condition, estimate renovation-driven value increases (a "Plunk Value") and recommend specific projects; the company has 15 employees and has raised over $2 million to date, including an initial $1M reported in 2019.
Arrived Homes launches $100-share crowdfunding platform for rental-property investing, founded by ex-Simply Measured and Sprout Social executives
Arrived Homes, a Seattle startup founded by tech veterans Ryan Frazier, Kenny Cason and Alejandro Chouza with CFO Joel Mezistrano, launched a crowdfunding platform that lets people buy $100 shares in rental properties and earn passive income while the company handles acquisition, renovation and management. The team uses tech and big data to select properties and has posted its first homes for investment after over a year of development and regulatory work.
Snowflake raises $3.4B in largest software IPO, opens at $245 and closes at $253.93 valuing company over $60B; Madrona an early investor
Snowflake raised $3.4 billion in the largest-ever software IPO, pricing at $120 and opening at $245 before closing at $253.93 to value the company above $60 billion; early investor Madrona Venture Group, which invested in 2017, benefited though it holds under 5% and did not disclose stake value.
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Ariel Dos Santos Executive, Chief Product and Design Officer
