Israeli HR tech startup Compete laid off 11 employees in September 2022, representing over a quarter of its 39-person workforce. The cuts affected HR, marketing, and sales teams across its Israeli and U.S. offices. This downsizing occurred just six months after the company secured a $15 million Series A funding round led by Tiger Global. Compete, which provides a real-time compensation and benefits benchmarking platform, cited the need to extend its financial runway due to a market slowdown and adverse macroeconomic conditions impacting the global tech industry. The move was framed as part of a plan to secure the company's long-term growth amidst challenging market dynamics.
