Bonsai

Toronto-based startup Bonsai has conducted a second round of layoffs in less than two months, letting go of approximately 30 employees, which follows an earlier reduction of 29 staff in April. Combined, these cuts represent a 70 percent reduction in workforce since April, leaving the company with 25 full-time and contractor employees. CEO Saad Siddiqui cited increased volatility in public and private capital markets as the reason, stating the move aims to conserve cash, extend runway, and focus on profitability amid changing investment criteria. Despite raising $21 million CAD in Series A funding in March, the company, which provides embedded commerce tools for media publishers, is restructuring to navigate a tightening market, joining other Canadian tech firms in recent layoffs.

Canadian embedded commerce startup Bonsai laid off 29 employees, representing about 34% of its 84-person team, on April 21. This restructuring occurred less than a month after the company secured $21 million in Series A funding. CEO Saad Siddiqui stated the layoffs were a proactive shift in operating philosophy to reallocate capital toward customer acquisition and hyper-growth, moving away from a product-building focus. The cuts, which affected product, engineering, and other departments, were attributed to discontinuing certain internal features, not market conditions. Bonsai provides white-labeled commerce tools for media publishers like BuzzFeed and Vox Media.