Layoffs in Mexico

Merama representing approximately 10% of its workforce on 2023-06-29.

Nowports, a Uruguayan-founded logistics technology unicorn, laid off approximately 15% of its workforce in March 2023 as part of a broader wave of tech sector cutbacks. While the company did not disclose the exact number of employees affected, it framed the layoffs as a move to increase efficiency and maintain high performance standards, asserting that its financial position remains strong. Nowports, which provides digital freight forwarding and supply chain solutions, experienced rapid growth following a $150 million Series C funding round in 2022. The layoffs reflect the challenging environment for tech companies at the time, even as the firm continued operations across all its markets.

Mudafy, a proptech company specializing in real estate technology, has laid off 70% of its workforce amid a broader crisis in the tech sector and shifting venture capital investment trends. The layoffs, announced in early 2023, follow a period of significant growth where the company had raised $10 million in a Series A funding round led by Founders Fund and IDC Ventures in August 2022. At that time, Mudafy reported 10,000 properties and over 1 million active unique users, with estimated annualized sales reaching $500 million by the end of 2022. The drastic reduction in staff reflects the challenging economic environment and a strategic realignment in response to changing investor priorities.

Plerk, a startup in the HR and employee benefits space, has laid off approximately 40% of its team. The company's founder cited the challenging fundraising environment and an impending "startup winter" in 2023 as key reasons, stating the move was necessary to optimize the company's financial runway and reduce dependence on external investment. This difficult decision, described as one of the hardest the founder has made, was attributed to broader company circumstances rather than individual performance. The affected employees, referred to as "Plerkers," received their full severance, and the company is actively assisting them in finding new roles. The layoffs occurred as the company navigates a tough period for startups seeking capital.

Bitso laid off 100 employees on 2022-11-29.

Konfio laid off 180 employees on 2022-09-23.

Latin American cryptocurrency exchange Bitso laid off 80 employees in May 2022, reducing its workforce from over 700. This cut, representing over 11% of its staff, was part of a strategic restructuring to align employee skills with its long-term business goals and to increase agility in the competitive crypto industry. The Mexico-based company, a unicorn with over four million users across the region, stated the layoffs were not due to fundraising challenges and occurred amidst a broader tech industry downturn, as seen with other regional exchanges like Buenbit.

Kueski, a Mexican fintech company specializing in online microloans, laid off approximately 90 employees, representing 30% of its workforce, as a direct measure to mitigate economic risks caused by the COVID-19 pandemic. The company, which had around 220 employees as of 2019, stated that this difficult decision was necessary to sustain operations and continue offering financial solutions. This layoff reflects broader challenges in the online lending sector during the pandemic, where economic disruptions increased risks of borrower defaults. Founded in 2012 and based in Guadalajara, Kueski is recognized as a pioneer in Mexico's fintech industry and was listed among LinkedIn's Top Startups in 2019.