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The proptech announced a cut of 70% of the corporate team. In a dialogue with Forbes Argentina, one of its founders explains why this decision was made.
20 January 2023 15.26
In a challenging context for technology companies around the world, Argentina is no exception in the wave of layoffs that is currently taking place. In this context, the proptech Mudafy announced in the last few hours that it is carrying out a staff cut.
In dialogue with Forbes Argentina, Franco Forte, CEO and Co-founder of Mudafy, indicated that 70% of the corporate team was separated. As a high-growth technology company, they seek to build an infrastructure to achieve just that growth and it is designed to function on a very large scale, Forte explained to this medium. And he added: This construction requires a lot of capital investment. Faced with such radical paradigm changes at a global level, with rate hikes and where investments are reduced to a minimum, we had to restructure the company.
On the other hand, the CEO of the company indicated that this is not related to the local context where Mudafy fortunately managed to grow and continue operating. This decision is related to ensuring the continuity of the company and with the aim of continuing to improve the real estate purchase experience, sum in this regard.
Mudafy’s operations
News of the layoffs at Mudafy comes months after announcing a $10 million Series A financing led by Founders Fund, the US venture capital firm that has also invested in companies including Airbnb, Stripe, Facebook, SpaceX and in unicorn companies in Latin America such as Nubank and Kavak. In addition, IDC Ventures accompanied that round.
The investment is destined to the construction of the infrastructure to be a high-scale company. Given this context, this growth will take longer but ensuring continuity, always providing the best experience to clients and our partners, the real estate companies, Forte pointed out to Forbes Argentina.
According to data from the company itself, in 2021 they sold properties for more than 100 million dollars and maintained a sustained growth of 20% month by month.
Based on these data, the CEO of Mudafy stated that his objective remains the same: to improve the real estate purchase experience by adding technology to the process and through a collaborative model with real estate agents. In that sense Mudafy does not change. The restructuring seeks to simplify the transaction process, digitizing it even more and empowering advisors. At this time, we are also focused on helping the team involved in the dismissal and accompanying them in their reemployment, Forte concluded in the dialogue with Forbes Argentina.
