Durham real estate tech startup Adwerx lays off 40, cites ‘macroeconomic uncertainty’

DURHAM – Adwerx is the latest company that serves the real estate market to lay off workers, as the company confirmed it has laid off about 40 employees to WRAL TechWire.

This decision from Durham-headquartered Adwerx follows announcements of layoffs at two mortgage companies with locations in Charlotte earlier this year.

Beyond the approximately 40 workers, no additional layoffs are expected to occur at Adwerx, said Dan London, the company’s head of marketing, who spoke with WRAL TechWire \.

“Like many companies globally, we made these changes to improve profitability in the face of macroeconomic uncertainty,” said London. “We elected to scale back certain initiatives that were focused on new, non-core verticals, and unfortunately, this impacted a number of positions in the company.”

In total, about 40 employees were let go from the company, impacting most departments, London noted. “We believe that the current market environment dictates that we focus on our core real estate and mortgage markets,” added London.

Durham’s Adwerx raises $14.5M, looks to further grow ad platform business

Still healthy, still plans growth

Overall, the company remains healthy, and it anticipates further growth, London noted. “We made these changes to ensure that continues,” he added.

Adwerx raised $14.5 million in late 2021, including from some of the company’s existing investors, and $2 million in debt funding.

“This financing gives us more fuel to continue investing into the growth drivers of the business,” said Adwerx CEO Jed Carlson in a statement at the time.

But, now, the layoffs are coming as the company had scaled up in some “non-core initiatives,” said London. The company is now unwinding those “areas outside of real estate that just didn’t pan out as well as the company had hoped,” London told WRAL TechWire.

The employees were offered a severance package, but the company declined to comment further about the details of a package or the roles of the workers impacted by the move.

London said that the company is not currently hiring for any new roles or new positions. A search of LinkedIn shows 174 people with LinkedIn profiles who currently list Adwerx as their employer.

Inman first reported the layoffs.