La Haus, a proptech company based in Medellin, Colombia, recently laid off 54 employees, according to a report in Business Insider Mexico.

The company, which operates an online real estate marketplace, had a workforce of approximately 800 people, so these layoffs represent about 6.7% of the team.

This move comes in response to an adverse economic environment: “Given the slowdown in the real estate market due to the increase in rates and lower projected economic growth, La Haus has made various internal adjustments, including a reduction in the number of employees.”

Founded in 2017, La Haus operates in Colombia and Mexico. It is currently present in nine cities in the former and five in the former. La Haus has raised $158 million U.S. in debt and equity funding to date.

Like many Latin American tech companies, La Haus’ legal domicile is in the U.S. state of Delaware. Two of the company’s four co-founders, Tomás and Jerónimo Uribe Moreno, are the sons of former Colombian president Álvaro Uribe Vélez.

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