CrowdStreet, a Portland startup that runs an online marketplace for real estate investments, said Friday that its CEO is moving to Austin, Texas, and that the company now considers that city its headquarters.
“Austin has a number of benefits such as pro-growth economic policies that help job-creating businesses thrive,” CEO Tore Steen said in a statement announcing the move. He said that Texas is among its top markets for investors participating in its marketplace.
For now, the shift consists only of Steen moving to Texas. CrowdStreet said it expects to hire 80 people this year and said that as it grows it will split new hires between its current Portland office, its new Austin headquarters and remote work.
CrowdStreet said it plans to maintain its office in downtown Portland “and a strong employee presence.”
Founded in Bend, in 2013, CrowdStreet was among the second wave of technology startups that emerged in the years after the Great Recession. It has reported $25 million in outside funding.
Last year, the company laid off a fifth of its 110 employees citing a pandemic-related downturn in its business. But the company said Friday that its headcount has returned to a staff of 110, 76 of them in Portland.
Oregon employment has fallen 7.4% since the beginning of 2020, a slightly bigger drop than the national decline. But overall entrepreneurship appears steady, with new business formation actually accelerating during the pandemic.