RetailCA

Bonsai Layoffs

June 2022

Bonsai announced a layoff affecting 30 employees (55% of its workforce) in June 2022. The company operates in the Retail sector.

People Affected

Percentage

55%

Announced Date

Jun 20, 2022

About

Toronto-based startup Bonsai has conducted a second round of layoffs in less than two months, letting go of approximately 30 employees, which follows an earlier reduction of 29 staff in April. Combined, these cuts represent a 70 percent reduction in workforce since April, leaving the company with 25 full-time and contractor employees. CEO Saad Siddiqui cited increased volatility in public and private capital markets as the reason, stating the move aims to conserve cash, extend runway, and focus on profitability amid changing investment criteria. Despite raising $21 million CAD in Series A funding in March, the company, which provides embedded commerce tools for media publishers, is restructuring to navigate a tightening market, joining other Canadian tech firms in recent layoffs.