Seattle real estate tech startup Modus will shut down as part of the cutbacks announced this week by Compass.
Modus, founded in Seattle in 2018, touted a more efficient, secure and transparent system for closing on a home. The company, with about 60-plus employees, was acquired by Compass in 2020.
On Tuesday, Compass announced it was laying off 450 employees, about 10% of its staff.
“Yesterday, Compass announced a tremendously challenging decision to wind-down Modus,” Alex Day, CEO for Modus, wrote on LinkedIn Wednesday. “My coworkers here are proven, exceptional builders who deserve wonderful new opportunities ahead. The ask here is short and simple, please look at our People page and recruit them. As I work with everyone on their transition, please continue to contact me with questions and opportunities.”