SeekOut

SeekOut, an AI-powered recruiting startup based in Seattle and last valued at $1.2 billion, laid off approximately 30% of its workforce on Thursday, May 16, 2024. This marks the company's second round of layoffs, following a 7% reduction in October 2023 that left it with about 200 employees. The cuts are a strategic response to unsustainable financials, with leadership citing a cash burn problem where the company was spending roughly $2 to earn $1. To achieve a sustainable trajectory and refocus on high-impact initiatives, SeekOut is reducing staff to strengthen its financial position and maintain competitiveness in the talent acquisition industry, which has faced a tougher environment since the company's high-growth period in 2022.

SeekOut laid off 16 employees representing approximately 7% of its workforce on 2023-10-05.