Juniper Square has laid off about 14 percent of its staff, joining the growing list of proptech firms cutting headcount.
The San Francisco-based company creates software for general partners and limited partners in commercial real estate deals to connect and communicate with each other. Its clients include top real estate players such as Tishman Speyer, Greystar, and Bell Partners.
“The reduction in force targeted our sales organization and other ancillary functions. This decision was a response to changing macroeconomic trends and strengthens our already strong financial position,” a Juniper Square spokesperson said in a statement. “We plan to continue to hire aggressively in our customer service teams, and we do not anticipate any interruption or impact on our ability to support current and future customers.”
It is not clear how many employees will be jettisoned. The firm declined to provide an exact number. According to LinkedIn, the company has 469 employees.
“Some employees were offered other opportunities with Juniper Square and that process is still ongoing,” said the spokesperson.
Juniper raised $25 million in Series B funding in 2018 and the next year raised a $75 million Series C, led by investors Redpoint Ventures. Participants included Ribbit Capital, Felicis Ventures and Zigg Capital.
The company said its customers manage nearly $800 billion worth of real estate.
“Our vision is that one day, an institution or individual could invest in a share of a commercial building just like they would in a share of stock on the NYSE,” said co-founder and CEO Alex Robinson in announcing the firm’s Series C.
Some proptech firms have struggled as raising capital has become more difficult. Higher interest rates have also led to fewer real estate transactions and thus less demand for technology to service real estate deals.
In August, digital mortgage company Blend Labs eliminated 220 jobs. Also last month, Smart-lock maker Latch, which is backed by Tishman Speyer, said financial statements for 2021 and the first quarter of 2022 are unreliable.