In December 2022, French refurbished electronics marketplace Back Market, the country's most valuable startup, laid off 13% of its workforce, affecting 93 employees—67 in France and 26 internationally. This reduction, part of a broader wave of tech layoffs across Europe, was driven by the need to cut costs and preserve cash amid a challenging economic downturn. The company, which had achieved a $5.7 billion valuation earlier in 2022, scaled back across all teams as investors urged portfolio companies to adopt more cautious financial strategies.
