Swyft, a Shopify-backed ecommerce delivery startup based in Toronto, laid off 10 employees, representing roughly 30% of its 34-person workforce, in June 2022. The company, which provides same-day local delivery for brands like Knix and Lush, made the cuts to hyper-focus on its core business and preserve cash, aiming to extend its operational runway to two years. This move reflects a broader trend of belt-tightening among tech startups, as companies adjust to an uncertain economic and funding environment after a period of rapid growth fueled by venture capital.
