On November 9, 2022, Sequoia and Tiger Global-backed insurtech startup Plum laid off 36 employees, representing about 10% of its 350-person workforce. The co-founders cited tough market conditions and a global economic slowdown that has made venture capital firms more cautious, forcing the company to align its investments with new market realities. Founded in 2019, Plum provides a technology platform for group health insurance to corporate clients. The company stated it would offer comprehensive support to affected employees, including severance, healthcare benefits, and career assistance, while maintaining its focus on insuring 10 million lives by 2025.
