Real estate startup Reali closes shop after 6 years – Trade Observer & More Latest News Here

In the words of Katy Perryit’s never really over except for the start of the real estate Reali.

Reali, which aimed to be a one-stop shop for buying and selling a home online, announced Wednesday that it had been a victim of economic decline and will close, six years after its founding and one year after its lifting $250 million in Series B funding.

Due to mounting debt and a hemorrhaging housing market, the CEO of Reali Tyler Baldwin told employees most would call him a day for the last on September 9. with only a small staff remaining to close any remaining transactions.

“We’ve had an incredible six-year run that owners are thrilled with,” Baldwin said in a statement. “We would like to express our deepest gratitude to the thousands of homeowners who have trusted Reali with their homeownership journey, to the Reali team, to our investors and to those who have supported us from outside. It has been a pleasure to serve our communities.

Citing “difficult real estate and financial conditions and an unfavorable capital raising environment,” Reali is selling what remains of the business for parties, including mortgage origination, title and escrow and facets of purchase of power.

Founded by Friend Avrahami and amit heller in Israel in 2016, the majority of the company’s employees were in the United States with an office in San Mateo, California. Reali offered a way to buy and sell homes online. Reali also offered services such as arranging cash deals on houses for clients and offering loan services.

In 2021the company boasted more than seven times year-over-year growth, doubled year-over-year customer growth, and tripled average revenue per user from a year earlier . Zeev Ventureswho led the $250 million fundraising effort, could not be reached for comment.

Just eight months ago, the company acquired TXR Homes to target the San Diego market deemed essential to its growth strategy in Southern California. Terms of the acquisition were not disclosed.

While it seemed like Reali was living the California dream, it has racked up $290 million in debt since its founding, according Crunchbase.

Reali could not be reached for comment.

Marc Hallum can be reached at [email protected].

Real Estate Startup Reali Closes Shop After 6 Years – Business Observer & Breaking News

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