Home-swap boaster Knock is closing a number of doors.
Inman is reporting that the home lender has announced plans to halt its work toward a public offering and layoff 45 percent of its workforce—all in a bid to become profitable by the end of the year after raising $220 million in funding from private investors.
It’s not all doom and gloom, though, as Knock also announced plans to expand into 15 new markets, with the backing of investors including the National Association of Realtors and Mauricio Umansky, Founder of The Agency.
“While substantial, the capital we raised is much less than what we set out to raise in our IPO, requiring us to rightsize the business, including the difficult decision to part ways with a number of our beloved Knockstars,” Knock co-founder and CEO Sean Black said in a statement. “Today’s announcement weighs heavily on us and me, in particular. These are people who worked tirelessly to make Knock the most simple, certain, convenient way of buying and selling a home. I am so incredibly proud of and grateful to each and every one of them.”
Head to Inman to read more on this developing story by clicking here.