FinanceCA

Koho Layoffs

February 2023

Koho announced a layoff affecting 0 employees (14% of its workforce) in February 2023. The company operates in the Finance sector.

People Affected

Percentage

14%

Announced Date

Feb 8, 2023

About

Canadian fintech startup Koho has laid off 42 employees, representing 14% of its workforce, reducing its total headcount to 300. The company-wide cuts, confirmed in early 2023, are part of a restructuring effort amid ongoing tough market conditions in the tech industry. CEO Daniel Eberhard stated that the layoffs are not aimed at extending the company's financial runway but rather reallocating capital toward growth initiatives to accelerate scaling and move toward profitability. This follows a previous restructuring in the fall that affected 15 roles. Koho, which raised $210 million in a 2022 Series D round nearing a $1 billion valuation, remains well-capitalized and continues to hire selectively in areas like product and marketing while navigating the current economic downturn.