SeekOut Layoffs
May 2024
SeekOut announced a layoff affecting 0 employees (30% of its workforce) in May 2024. The company operates in the Recruiting sector.
0
30%
May 16, 2024
About
SeekOut, an AI-powered recruiting startup based in Seattle and last valued at $1.2 billion, laid off approximately 30% of its workforce on Thursday, May 16, 2024. This marks the company's second round of layoffs, following a 7% reduction in October 2023 that left it with about 200 employees. The cuts are a strategic response to unsustainable financials, with leadership citing a cash burn problem where the company was spending roughly $2 to earn $1. To achieve a sustainable trajectory and refocus on high-impact initiatives, SeekOut is reducing staff to strengthen its financial position and maintain competitiveness in the talent acquisition industry, which has faced a tougher environment since the company's high-growth period in 2022.
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