Just last week, the proptech company Veev, which was supposed to help make residential construction efficient and affordable was purchased for a tiny fraction of its one-time billion dollar unicorn valuation. The 15-year-old company is now an R&D center in Israel owned by Lennar.
Whenever tech companies focused on a given industry start dropping away quickly and completely, it's time for businesses in the served industry to reexamine and rethink the relationships they have with vendors. Because you never know which ones will remain and which will close down, possibly with your money or, probably worse, with your data.
The next name to hit the skids is Frontdesk, which rented furnished apartments to its customers. According to TechCrunch, the company laid off all of its 200 workers during a "two-minute Google Meet call." CEO Jesse DePinto said during the call that they were filing for a state receivership rather than bankruptcy.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
