Healthcare payments startup Cedar, a digital health unicorn valued at $3.2 billion, laid off 24% of its workforce on July 6, 2022, as part of a strategic adjustment to market conditions. CEO Florian Otto cited the need to adapt to current market realities and align with the company's evolving strategy following its acquisition of Ooda Health. The layoffs, which affected an unspecified number of employees from a total that had expanded with offices in New York, San Francisco, and Salt Lake City, aim to ensure long-term sustainability and profitability. This move places Cedar among several digital health startups conducting workforce reductions amid a broader market downturn, despite having raised significant venture capital, including a $200 million Series D round in early 2021.
