The company raised about $200 million in Series D funding in late 2021, which nearly quadrupled its valuation to $2 billion at the time. During that time, a portion of the rental payments each month go toward the down payment on the home, though it doesn’t accrue interest and can’t be tapped by the renter for other expenses. The company purchases a home for a potential buyer and then rents it back to them for up to three years as they prepare financially for homeownership. The company cited worsening economic conditions as the driving force for that round of layoffs.ĭivvy Homes, led by founder and CEO Adena Hefets, is a proptech startup that offers buyers a path to homeownership via a rent-to-own program. At that time, about 12% of its staff, or about 40 employees, were affected by the job cuts. I am saddened to leave a company whose mission I truly stood behind, but am thankful for the wealth of knowledge and experience I gained in my one and half years there,” Jade Allen, a former sales executive for Divvy, posted to the site.ĭivvy conducted a prior round of layoffs in September 2022. “I, unfortunately, was part of the second round of #layoffs through Divvy Homes yesterday. If you are hiring for a product manager or just want to jam on entrepreneurial ideas, reach out.”Ī number of other former employees, including the company’s former IT manager and the former head of marketing, also posted that they were affected by the layoffs. “I’m choosing today to be proud of what I built at Divvy and grateful that I gave my job every ounce of energy I had. The two things you can control are how hard you work and how you react to things,'” Hardy Farrow, former senior project manager at Divvy, posted on LinkedIn. I’m not sure what’s next but I’m reminded of a quote that has always stuck with me: ‘There will always be someone smarter. I was one of the people impacted by the layoffs at Divvy Homes. However, a number of former employees have posted to LinkedIn about the layoffs, and at least six employees were affected, including a software engineer and a senior project manager. This is at least the second round of layoffs for the company in the last six months.ĭivvy has yet to confirm the layoffs, which were first reported by Inman. Rent-to-own startup Divvy Homes has reportedly conducted a new round of layoffs on Wednesday, which included cuts to a number of high-level positions.
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