IRL

IRL representing approximately 100% of its workforce on 2023-06-23.

In June 2022, social app company IRL laid off approximately 25 employees, representing 25% of its team. The layoffs were attributed to broader market dynamics and a strategic decision to right-size the workforce after the company had rapidly expanded its headcount by 3.5 times the previous year. Despite the cuts, CEO Abraham Shafi stated that IRL had sufficient cash reserves to last well into 2024. The company, which had achieved unicorn status a year earlier following a $170 million Series C funding round led by SoftBank, framed the move as a necessary step toward building a more disciplined and impactful organization, emphasizing adaptability in a challenging economic climate.