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Reali, a real estate fintech platform for buying and selling homes, has announced that it will cease operations on September 9, 2022, laying off most of its employees.
Reali is closed
The company cited “difficult” real estate and financial market conditions and “unfavorable” capital-raising conditions as reasons behind its decision to close.
The California-based fintech says its brisk real estate deal will continue to be supported by a small team of employees through the end of the year.
“Reali is in ongoing conversations with companies that have expressed interest in acquiring certain parts of their businesses, such as mortgage originations, title and escrow, and power purchases,” he added.
Launched in 2016, Reali secured $250 million in its latest funding round, held in August 2021, just over a year ago. The funding round included $75 million in equity, $25 million in venture debt, and $150 million in warehouse financing. The company has raised over $300 million since its launch.
In 2020, it claimed more than 7x year-over-year growth, 2x year-over-year customer growth, and more than 3x increase in average revenue per user.
Reali CEO Tyler Baldwin said:
We would like to sincerely thank the thousands of homeowners who have trusted Reali in their homeownership journey, the Reali team, our investors, and those who have cheered us on from the sidelines.
