In November 2022, the cloud data backup unicorn OwnBackup laid off over 170 employees, representing approximately 17% of its then workforce of about 1,000 people. The cuts affected staff in both its U.S. operations and its Israeli R&D center. This restructuring occurred within the broader tech industry downturn of 2022, impacting the cybersecurity and SaaS backup sector. OwnBackup, which had achieved a $3.35 billion valuation in 2021, is a venture-backed company providing data protection services to thousands of businesses globally.
