In May 2022, the Amazon aggregator startup Heroes, based in London and founded in 2020, quietly laid off 20% of its staff, affecting up to 24 employees out of a workforce of around 120. The company, which had raised over $300 million in funding, cited challenging market conditions, a potential global recession, shifting consumer spending, and difficulties in raising future capital as reasons for the cuts. This move was part of a broader industry shift from hypergrowth to profitability, as Heroes aimed to restructure and become a cash-flow positive business. The layoffs were sudden and company-wide, with the investment team being particularly hard hit.
