HealthMatch, an Australian health tech startup, laid off 18 employees, representing 50% of its global workforce, as confirmed by founder Manuri Gunawardena on Tuesday. The clinical trials platform, which has raised $18 million from investors including Square Peg, made the difficult decision due to punishing market conditions, including investor concerns over inflation and interest rates that have smashed growth company valuations. To conserve cash and navigate a bleak funding horizon over the next 12-24 months, the company reduced staff, aiming to ensure its survival and continued operations, including its recent launch in the US. This move reflects a broader trend of Australian startups cutting staff to delay fundraising and accelerate profitability amid a tough economic climate.
