Bizongo

Just one day after raising $50 million in a Series E funding round, B2B vendor management platform Bizongo has laid off approximately 50 employees. This represents over 10% of its workforce, which totals around 413 people. The layoffs are part of a strategic shift as the company sharpens its focus on key business goals and profitability, particularly by expanding into the raw material sector and streamlining metal procurement. Despite the recent funding success, which valued Bizongo at $980 million, the startup has made these difficult cuts to reallocate resources and drive efficiency in its operations.

Bizongo laid off 140 employees on 2020-07-10.