Hopin

Hopin on 2024-05-07.

Hopin, a virtual event management platform, conducted its third round of layoffs in 2022, cutting an additional 17% of its workforce in November. This followed a previous reduction of 29% earlier in the summer, affecting senior roles including the VP of product and head of data science. The layoffs are part of a broader company transformation and coincide with new product launches, as the tech industry adjusts post-pandemic. The exact number of employees affected and the total company size were not specified in the available content.

Live events startup Hopin, valued at $7.75 billion, is laying off 242 employees, which represents 29% of its workforce of about 834 people. This marks the company's second round of job cuts in 2022, following a 12% reduction earlier in February. The UK-based virtual and hybrid events platform, which saw rapid growth during the pandemic, cited the challenging macroeconomic climate and the need to streamline its operations for sustainable, profitable growth. As the world shifts back to in-person events, Hopin faces reduced demand for its services, prompting this significant restructuring to focus on its core mission of connecting people through technology.

In February 2022, virtual events platform Hopin laid off 138 full-time employees, representing 12% of its staff, along with some contractors. The venture-backed unicorn, which had grown rapidly during the pandemic and completed several acquisitions including a $250 million purchase of StreamYard in 2021, cited a need for greater efficiency and sustainable growth. CEO Johnny Boufarhat explained the cuts aimed to address overlaps and duplications that emerged from its fast expansion, marking a shift from its previous aggressive scaling and a $400 million raise at a $5.65 billion valuation just months earlier. The company provided severance, benefits, and job-hunting support to affected employees.