On Deck Layoffs
May 2022
On Deck announced a layoff affecting 72 employees (25% of its workforce) in May 2022. The company operates in the Education sector.
72
25%
May 5, 2022
About
On Deck, a tech company that connects founders with capital and advice, laid off 72 employees, representing 25% of its staff, on May 5, 2022. The cuts primarily affected operations and investing roles, with severance packages including eight weeks of salary and 12 weeks of healthcare. Co-founders confirmed the layoffs, citing a need to support departing team members and refocus the business. The company, which launched in 2019 and had raised a $20 million Series A in 2021, faced financial pressures from missed sales targets, aggressive hiring, and a reduced fundraise—originally targeting $100-$150 million but landing around $40 million. As a result, On Deck is scaling back its ODX accelerator program and aims to extend its runway, which was down to nine months prior to the cuts.
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