SalesCA

Loopio Layoffs

May 2020

Loopio announced a layoff affecting 11 employees (8% of its workforce) in May 2020. The company operates in the Sales sector.

People Affected

Percentage

Announced Date

May 4, 2020

About

Toronto-based B2B SaaS startup Loopio has laid off 11 employees, constituting 8% of its workforce, due to economic pressures from the COVID-19 pandemic. The cuts, announced in mid-2020, affected sales, marketing, software development, and people operations teams. CEO Zakir Hemraj cited a significant slowdown and increased scrutiny in software purchasing decisions across industries, leading to deferred deals and a strategic shift in the company's growth and hiring plans. Despite the layoffs, Hemraj noted strong customer retention and sustained interest in Loopio's enterprise proposal management platform, which serves over 800 companies. The firm, founded in 2014 and backed by $11 million in funding, is exploring government relief programs while navigating the temporary market downturn.