Reali is shutting down
In 2019, we covered Reali, a real estate startup offering homebuyers a range of services to make the home buying process smoother. Some of the services included the ability for home buyers to make cash offers and buy a new home before selling the old one.
The startup, which raised over $290 million in equity and debt, also planned to get into insurance. “We’re thrilled with this ongoing investor support which allows us to continue our momentum while introducing additional services such as escrow and title, home warranties and insurance, to name a few,” said cofounder and CEO of Reali Amit Haller, in 2019.
This week, the startup announced that it is shutting down and laying off most of its workforce on September 9, 2022. Reali shared the following in the press release announcing the closure:
“Due to the challenging real estate and financial market conditions and unfavorable capital-raising environment, Reali determined the best course of action is to close. Active real estate transactions will continue to be supported through the end of the year by a small team of employees. Reali is in ongoing conversations with companies that have expressed interest in acquiring specific parts of its business, including mortgage origination, title & escrow, and power buying.”
Earlier this year, Reali conducted a round of layoffs and it launched a GoFundMe campaign to raise money for “recently separated Reali employees facing a sudden financial difficulty, due to their change in employment status.”