Polly, a Vermont-based auto insurance startup formerly known as DealerPolicy, laid off 47 employees nationwide this week, representing about 15% of its workforce. The layoffs, which included 17 Vermont-based staff, were attributed by the company to inflationary pressures and a more demanding economic climate in the auto industry. This move comes roughly 16 months after Polly secured a $110 million investment from Goldman Sachs, following which it had rapidly expanded its team. The company stated the restructuring aims to improve capital and resource efficiency for future success, though some former employees suggested over-hiring after the investment was a contributing factor. Polly is providing severance, bonuses, and outplacement support to affected staff.
