Frontdesk, a proptech startup operating over 1,000 furnished apartments, laid off its entire workforce of 200 people due to failed attempts at raising additional capital. The CEO, Jesse DePinto, announced the layoffs during a two-minute Google Meet call. The company, founded in 2017, managed apartments across the US and had raised $26 million from investors. Despite recent challenges, including difficulties in securing investors and high upfront costs, Frontdesk had previously posted job openings and expressed optimism about future fundraising. DePinto also mentioned that the company would be filing for a state receivership as an alternative to bankruptcy.
Share via:
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
This company laid off its entire staff on a “two-minute” call
Frontdesk, a proptech startup operating over 1,000 furnished apartments, laid off its entire workforce of 200 people due to failed attempts at raising additional capital. The CEO, Jesse DePinto, announced the layoffs during a two-minute Google Meet call. The company, founded in 2017, managed apartments across the US and had raised $26 million from investors. Despite recent challenges, including difficulties in securing investors and high upfront costs, Frontdesk had previously posted job openings and expressed optimism about future fundraising. DePinto also mentioned that the company would be filing for a state receivership as an alternative to bankruptcy.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi
More like this
Popular
Upcoming Events
Startup Information that matters. Get in your inbox Daily!