Proptech Startup Stoa Cuts Workforce by 80% Following $300 Million Fundraising Efforts
Uncertain Future Ahead as Stoa Faces Real Estate Market Challenges
By News Desk
Published - Jul 25, 2023, 06:56 AM ET
Last Updated - Jul 25, 2023, 06:56 AM EDT
Proptech startup Stoa, renowned for its innovative iBuyer software platform, has been forced to take drastic measures by slashing its workforce by 80%, reducing the number of employees from around 100 to just 20.
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The company's recent fundraising efforts of $300 million, through a combination of equity and debt, failed to shield it from the impact of rising inflation rates and an economic crisis that significantly altered the U.S. real estate market. Now, Stoa faces an uncertain future as it grapples with a reorganization and evaluates potential deals.
