Airbnb Backed Zeus Living Lays Off Half of Remaining Staff

May 12, 2020
Share this Post: 

Zeus, a company that provides furnished apartments for stays of more than 30 days in 6 metropolitan areas across the US, has announced the departure of 73 staff members. The lay-off represent around half of remaining staff after a previous round of redundancies at the end of March.

The Airbnb backed business is predicting that revenue for 2020 will only amount to 55% of what was projected and that, in the words of CEO Kulveer Taggar:

“Short and long-term markets have and will continue to shift”

The San Francisco based company has also returned a PPP loan that they had applied for and that was to be allocated to payroll coverage. It has also been reported that Zeus Living has asked its landlords to switch from leases to revenue sharing agreements as it struggles to pay them for April and May.

Last spring we were reporting on successful funding rounds for Zeus Living, and today’s news is a sad, if not entirely unexpected, turn of events for a company operating in one of the sectors most affected by the global pandemic.

Furnished up-market serviced apartments was a business model that was tipped by many to shine this year, and backers such as Airbnb will be hoping that Zeus Living can outlast travel restrictions and make the most of demand on the other side.


May 12, 2020
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Board Room
Zoopla Creates Agent Advisory Board to Give Customers a Say on Lettings Policy

British #2 portal Zoopla has launched a Lettings Advisory Board made up mostly of its agent customers as it looks...

Read More
Spanish Proptech Firms
Housfy Gets Funding and Casavo Expands as Spanish PropTech Market Heats Up

The Spanish PropTech market is heating up with two prominent companies in the market announcing positive news this week. Online...

Read More
Leboncoin Op 1
LeBonCoin Launches New Offering to Help Agents Win Sales Instructions

The French classifieds market leader LeBonCoin has today announced the launch of a new package for real estate agents. The...

Read More
Domain Data
Domain Acquires Data Services Provider Insight Data Solutions

Australian portal company Domain has today announced that it has agreed to acquire data services provider Insight Data Solutions (IDS)....

Read More

Popular News