After failing to secure more funding, real estate crowdfunding platform RealtyShares will soon be laying off staff and, as reported by The Real Deal, faces an uncertain future. According to the report, RealtyShares’ last-ditch efforts to find a buyer for the company were unsuccessful and they will ensure that customers who invested in real estate projects through its platform will get their money back. The company was founded in 2013 and raised over $870 million that was invested over 1,160 projects.
“Over the past six months, RealtyShares aggressively pursued a number of financing options to continue growing the business,” RealtyShares wrote in an email to customers on Wednesday. “Unfortunately, despite our best efforts, we were unable to secure additional capital. As a result, we will not offer new investments or accept new investors on the RealtyShares platform.”
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