Stoa co-founders Tom Sela and Or Agassi. Photo Carrie Evans
In another blow to Israel Startup Nation, Stoa — also known as FlipiOS – is cutting 80 jobs or 80% of its total workforce. However, GigaSpaces is doing well and plans to hand out $14 million in dividends.
Founded in 2000, GigaSpaces calls itself a global pioneer in in-memory computing, building one of the market’s first Digital Integration Hubs – an out-of-the-box solution that simplifies organizations’ digital transformation, enabling them to develop and launch digital services at a rapid pace. The GigaSpaces Smart DIH is part of the company’s Smart suite of products, alongside the award-winning Smart Cache solution.
GigaSpaces spun off its Cloudify, which develops cloud orchestration solutions, into an independent company in 2017. The dividends are being paid out after the company sold Cloudify to Dell.
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Stoa USA Inc. is the world’s first technology-based Business to-Business (B2B) iBuyer and creator of FlipOS, announced it received a $36 million equity investment from Zeev Ventures, along with a $100 million securitization deal led by Cantor Fitzgerald, the preeminent global financial services firm and real estate investment company.
Founded in 2018 by Tom Sella and Or Agassi and based in Phoenix, Arizona, Stoa USA Inc. is a property technology company and one-stop-shop for real estate investors. The company’s proprietary platform, FlipOS, is designed to help real estate investors buy, renovate and sell homes more efficiently.
In a statement, Stoa explained the layoffs saying, “In response to the changes in the real estate market, the company is undergoing a reorganization and has reduced its workforce to about 20 employees. Currently, there are several deals on the table that the company is considering.”
Stoa raised $300 million to date. But $200 million of that was in debt. The company boasts that its FlipOS, enables real estate investors to purchase, renovate, and sell homes faster and more efficiently. The company supports investors with low-rate lending, detailed scopes of renovation work, and a guaranteed post-renovation purchase offer with a five-day close.
