WayCool Layoffs
July 2023
WayCool announced a layoff affecting 300 employees (12% of its workforce) in July 2023. The company operates in the Food sector.
300
12%
Jul 11, 2023
About
Agritech startup WayCool, which operates in the food development and distribution sector, is laying off approximately 300 employees as part of a restructuring effort focused on achieving profitability. This reduction, announced in July 2023, affects about 12% of its then 2,500-strong workforce. The company, which had raised over $350 million and was valued at over $700 million, is slowing down experimental projects and closing some distribution centers to streamline operations and prioritize its core, profitable businesses. This move aligns with its goal of reaching break-even and preparing for a potential future IPO.
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