Opendoor Is Reportedly Laying Off 35% Of Its Staff
Inman
Approximately 600 employees being laid off will reportedly get 16 weeks of benefits coverage and eight weeks of severance pay, 3 sources said.
Latest Trends and Insights in Real Estate Technology
Curated daily by our industry experts. Stay informed on how tech is shaping the real estate industry with these important headlines.
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View, the dynamic glass company that raised $1.1 billion from SoftBank in 2018, is laying people off
TechCrunch
View, a 13-year-old, Milpitas, Calif.-based company that makes dynamic glass designed to reduce heat and glare as well as lessen eyestrain, has cut an unknown number of employees, including at a plant in Olive Branch, Mississippi.
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Real Estate Startup Adds Former NYC Deputy Mayor to Its Board
Bloomberg
Lex Markets Corp., a startup that allows investors to make small bets on commercial real estate, has added two new board members. Alicia Glen, a former deputy mayor of New York, and Marty Edelman, an attorney at Paul Hastings, are joining the company as directors.
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CREtech And Lerner Associates Announce Joint Venture Focused On Mergers And Acquisitions In The Real Estate Tech Sector
CREtech
CREtech (cretech.com), the largest intelligence platform devoted to Reimagining Real Estate, has announced a Joint Venture with Lerner Associates, a specialist M&A firm in the sector. The venture will be focused on advising established real estate tech companies on acquisition and exit strategies, with full engagement and transaction execution.
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Living On Credit: Rent Payments By Card Rose 30% In April, Study Finds
Bisnow
Digital payments for rent are on the rise as the coronavirus crisis continues, a new study says. Conducted by Zego, an apartment technology firm, it found that credit card usage for processing lease payments was up 30% in April, and new registration on digital payments was 25% higher in April than a month earlier.
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Ghost Kitchens Aim To Capitalize During Coronavirus Pandemic
Bisnow
As the CEO of Kitchen United, Collins is seeing his three ghost kitchens performing well during the coronavirus pandemic. But he also owns and operates a separate restaurant, which he had to close the dine-in portion of, as part of a state and local order to prevent the spread of the contagious disease COVID-19.
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Knotel Customers Seek Rent Relief
The Real Deal
Roughly one-third of Knotel’s members are looking for a break on rent, the flex office space company disclosed Tuesday. As Knotel grapples with its own financial woes, the figure sheds light on the dilemma facing co-working firms: a sudden loss of income from tenants, including many small businesses, as the coronavirus pandemic keeps people home across the world.
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Compass Can Outlast Downturn of 6 to 9 Months: Reffkin
The Real Deal
Compass is one of the richest residential brokerages, fortified with $1.5 billion in venture capital. Now facing an uncertain economic future, the company said it has enough cash to withstand a slump of two or three quarters.
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Workers Won’t Return To The Same Office Space They Left
Bisnow
For many people, working at home might only last as long as the government requires it. When they return, it will likely be to a changing office space environment.
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Mega-funds thrive despite hard times for small and first-time VCs
PitchBook
Venture capital’s biggest firms are heading into a recession with a slew of newly raised mega-funds, while smaller firms face a slump in fundraising. Lightspeed on Tuesday announced three funds totaling $4.2 billion, following in the footsteps of NEA, Flagship Pioneering and General Catalyst, which all raised new mega-funds since March….
