Future City: Rhino headbutts recent hires

The proptech startup Rhino laid off more than 20 percent of its staff, most of them recent hires.

The cuts, which came a year after the company’s last funding round, were motivated by recent macroeconomic volatility and a desire to achieve profitability quicker, a Rhino spokesperson said. Rhino’s main offering is an alternative to security deposits — a product that allows renters to pay in small, incremental amounts rather than in an upfront lump sum.