HardwareIL

Twine Solutions Layoffs

January 2023

Twine Solutions announced a layoff affecting 30 employees (33% of its workforce) in January 2023. The company operates in the Hardware sector.

People Affected

Percentage

33%

Announced Date

Jan 5, 2023

About

Israeli textile technology company Twine Solutions laid off 30 employees in early January 2023, which represented about one-third of its total workforce. The company, which develops digital, waterless dyeing systems for thread and yarn, cited the need to streamline operations and preserve its activity during a challenging economic period and industry-wide recession. This restructuring followed a $28 million funding round in 2021, bringing its total raised to over $50 million.