CrowdStreet, a Portland company that funds commercial real estate through its website, laid off 24 of its 110 employees Monday.

The coronavirus outbreak has thrown the commercial real estate sector into tumult, with most office workers doing their jobs remotely and the broader economy heading sharply downward.

“Prior to the pandemic, the company was on track to double its business, as it had in recent years, and hired aggressively to support those growth projections,” CrowdStreet CEO Tore Steen said in a written statement. “Given the impact COVID-19 has had, CrowdStreet made necessary cutbacks across divisions and made the difficult decision to lay off 24 members of its staff.”

Founded seven years ago in Bend, CrowdStreet has reported $25 million in outside funding.