US residence design web site firm Houzz is about to put off practically 100 staff within the US and Israel, about 8% of its workforce, the corporate has confirmed. Houzz, which was based in San Francisco in 2009 by Israeli entrepreneurs Adi Tatarko and Alon Cohen, has developed an internet site, on-line neighborhood and software program for structure, inside design, and adorning, panorama design, and residential enchancment.
Houzz’s first buyers had been Israeli serial investor Oren Zeevi and different Israelis together with Oren Dobronsky and Amos Wilnai. In whole Houzz has raised $663 million from giant funds together with Sequoia, Kleiner Perkins, NEA and Yuri Milner’s DST. The corporate was initially based with the purpose of serving to owners in Silicon Valley to seek out professionals for adorning, renovations and inside design. As its success unfold it expanded worldwide and to incorporate retail points like residence and backyard furnishings.
Earlier than the outbreak of the Covid pandemic, Houzz had been contemplating launching its personal furnishings model however the plan was shelved.
Not like most tech corporations over the previous few years, Houzz has trimmed its workforce from 1,800 in 2019 to 1,100 after the newest layoffs. In 2019 Houzz laid off 180 staff and in April 2020, the corporate dismissed one other 155 staff.
Houzz has for a few years been planning an IPO and in October 2021 filed a confidential prospectus led by Goldman Sachs, in accordance with PitchBook. However the present state of the US capital markets and luxurious actual property market means it’s more likely to be a while till Houzz holds a flotation.
Houzz mentioned, “Because of the macroeconomic situations within the residence enchancment and inside design business, we’ve made a very troublesome resolution to chop 95 of our international workforce after the December holidays, about 8% of the entire international workforce. This was communicated to our groups just a few weeks in the past. This isn’t a choice we take calmly, and we’re dedicated to supporting the affected staff. These affected by this are colleagues and buddies, and we’re grateful for his or her contribution to Houzz. We imagine within the firm’s success and are assured that it’ll come out of this era prospering.”
Houzz is headquartered in Palo Alto, California and has a growth heart in Azrieli Heart in Tel Aviv, which employs dozens of builders and product managers. The corporate additionally has places of work in London, Berlin and Sydney.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on December 20, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.