In January 2023, the Brazilian insurtech startup Pier laid off approximately 111 employees, representing about 39% of its workforce. The cuts impacted various departments, including technology, sales, and human resources. This significant reduction followed a year where the company celebrated over R$100 million in revenue and served more than 120,000 customers. The layoffs occurred amidst a broader wave of job cuts in Brazil's startup sector, despite Pier having secured substantial funding rounds in the preceding years.
