Remote Year, a Chicago-based startup that organizes year-long work-and-travel programs, laid off approximately 50 employees, representing 50% of its staff, in March 2020. The drastic cuts were a direct response to the COVID-19 pandemic, which caused borders to close and led to a wave of cancellations, halving the company's revenue within days. Operating in the travel and remote work industry, the venture-backed company had raised $17 million total, including a $5 million round just months prior. Despite the layoffs, primarily affecting sales, marketing, and product teams, the company stated it retained some financial runway from its last investment.
