Toronto-based delivery and logistics startup GoBolt laid off 55 employees in early January 2023, impacting approximately five percent of its workforce of over 1,000. The layoffs were announced by co-founder and CEO Mark Ang, citing economic uncertainty and a strategic shift to focus spending on areas with a clear, immediate return on investment. The company is pivoting its focus away from small-to-medium-sized businesses to concentrate solely on its more profitable mid-market and enterprise merchant segments. This restructuring comes about a month after GoBolt secured $75 million in Series C funding for North American expansion and growing its electric vehicle fleet, highlighting the challenging climate for tech firms despite recent financing.
