McMakler: Another mass layoff at the real estate start-up
The Berlin real estate start-up McMakler is in crisis. The company laid off around 100 employees just a few months ago. The real estate platform was traded as the next unicorn. Now the layoffs are going into the next round. Another 100 employees have to go.
Not so long ago, things seemed to be going smoothly for the Berlin real estate start-up McMakler. As the Handelsblatt reported, the company collected 50 million euros from investors at the beginning of the year. The overall valuation of McMakler was therefore estimated at 800 million euros.
The real estate platform seemed on the verge of becoming the next German unicorn, i.e. a start-up worth billions. However, the company has seemed to be going down for a few months. Because in July, McMakler laid off around 100 employees. Now the next round of layoffs appears to follow.
McMakler: Another 100 employees have to go
Because how start-up scene citing insiders, McMakler has again laid off around 100 employees. Contracts would also end for another 100 employees and probationary periods would not be extended. The layoffs are said to affect all departments.
The company’s own brokerage team is no exception. However, the HR team and business development do not appear to be affected by the layoffs. According to the start-up scene, the company has now confirmed the job cuts.
Real estate start-up is only vague
The exact reasons for the layoffs are currently unclear. Both then and now, McMakler was vague. In July, a company spokeswoman said about the start-up scene:
McMakler is a growth company, but we also pay attention to cost control. We are currently experiencing a changing situation in the overall economic environment, which we must take into account at an early stage.
The real estate start-up was probably referring to the fluctuating real estate market. Because like that Handelsblatt reported elsewhere, interest in real estate plummeted by around 36 percent in the second quarter of 2022 due to rising interest rates and construction costs.
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