Reef Technology, a Miami-based tech company specializing in ghost kitchens and parking management, is laying off 750 employees, which represents 5% of its global workforce. This decision, announced in a letter from CEO Ari Ojalvo, is part of a strategic shift to focus on profitability amid economic challenges, including rising inflation and disruptions in its sectors. The company will concentrate on its core businesses—ghost kitchens and parking—while scaling back other ventures like health clinics and vertical farms. Founded in 2013 and backed by significant investments, including from SoftBank, Reef has faced operational hurdles but continues to pursue growth with a renewed emphasis on brick-and-mortar locations.
