Sendoso

Sendoso, a SoftBank-backed gifting startup, has conducted its fourth round of layoffs in the past 16 months, affecting an undisclosed number of employees across departments like engineering, HR, accounting, and customer success. This follows a previous round in June 2022, where about 100 employees, or 14% of its then 700-person workforce, were cut. The company, which offers a platform for sending corporate gifts, is restructuring amid a challenging funding environment and broader economic uncertainty. Many startups, including Sendoso, are reducing headcount as venture capital investment has significantly declined, forcing cost-cutting measures to sustain operations.

Sendoso, a SoftBank-backed marketing and corporate gifting startup, laid off approximately 100 employees on Monday, June 6, 2022, representing about 14% of its then 700-person workforce. The cuts affected staff across business units in the United States and Ireland. The company cited market volatility, global crises impacting the tech sector, and the need to adjust operations as reasons for the reduction. This move occurred amid a broader wave of tech industry downsizing, where falling valuations and tightening venture capital have forced many startups to cut costs. Sendoso had recently raised a $100 million Series C round led by SoftBank in September 2021 and was in the process of relocating its headquarters from San Francisco to Phoenix.