Layoff Events

Rezi, a proptech rental platform, has shut down entirely after running out of money, effectively resulting in a 100% layoff of its workforce. The company, which had raised $30 million from investors, leased vacant apartments from landlords in cities like New York and Austin, aiming to rent them out faster using machine-learning technology. However, it failed to become profitable amid a broader downturn in proptech funding, with capital drying up and higher interest rates increasing financing costs. CEO Sean Mitchell cited the significant capital required to achieve scale as a key challenge. The closure in early April 2024 adds to a growing list of casualties in the real estate technology sector, where funding has sharply declined from $32 billion in 2021 to $11.4 billion in 2023.

Ranger Insurance, a startup in the insurtech industry, is shutting down due to a challenging fundraising environment, leading to layoffs of its entire workforce. While the exact number of employees affected is not specified in the post, the closure implies a 100% reduction as the company winds down operations. This event, shared by an employee in mid-2023, highlights the difficulties faced by early-stage companies in securing capital, ultimately resulting in the dissolution of the business.

Israeli cybersecurity startup Identiq is laying off approximately 20 employees, representing almost half of its 45-person workforce, as part of a reorganization announced in early April 2024. The company, which developed an anonymous identity validation network, stated the cuts are necessary to focus on its leading product solutions and ensure long-term growth. Founded in 2018 and having raised a $47 million Series A round in 2021, Identiq will reduce staff in both Israel and the U.S., affecting full-time employees, interns, and freelancers.

Osso VR, a San Francisco-based virtual reality surgical training company, is laying off 67 employees at its corporate headquarters, with the cuts set to be completed by May 27, 2024. The layoffs significantly impact art and illustration roles, accounting for 30 of the positions eliminated. While the exact current employee count isn't specified, the company had 180 employees in March 2023, indicating this reduction represents a substantial portion of its workforce. CEO Greg Born stated the move aims to enhance operational efficiency and align resources with market demands, part of a strategic shift toward profitability amid a broader downturn in digital health funding. This follows leadership changes in February, including the appointment of Born as CEO, signaling a refocus on operational and strategic growth.

Apple lays off 614 employees in California after abandoning its electric car project and next-generation screen development. The layoffs were announced on March 28, 2024, affecting employees at eight locations in Santa Clara, marking the company's first major job cuts post-pandemic.

In March 2024, ChowNow, an online ordering platform for local restaurants, laid off approximately 30 employees as part of a restructuring following its acquisition of the Y Combinator-backed POS platform Cuboh. This reduced its total workforce to about 300 employees, representing a roughly 10% reduction. The layoffs were intended to streamline operations and integrate Cuboh's 30-person team, which transitioned entirely to ChowNow. This move came after a larger layoff of 100 employees in 2022. The company, which is profitable and has raised around $80 million, stated no further layoffs were planned, aiming to strengthen its POS integration solutions for restaurants.

GoPro representing approximately 4% of its workforce on 2024-03-26.

Synctera, a banking-as-a-service (BaaS) startup, laid off approximately 17 employees in March 2024, representing about 15% of its workforce, which reduced its total staff from around 113 to 96. The company confirmed the layoffs were part of a restructuring aimed at preserving cash and refocusing on its core business, including expanding SaaS offerings for banks and companies. This move aligns with a broader trend of VC-backed BaaS firms, such as Treasury Prime and Synapse, implementing similar staff reductions amid industry challenges. Synctera had recently secured an $18.6 million extension to its Series A funding, highlighting the ongoing adjustments within the fintech sector.

Dell Technologies has reduced its global workforce by approximately 13,000 employees, as disclosed in a March 2024 filing. This represents about 10% of its workforce, which stood at roughly 120,000 in early 2024. The layoffs are part of a broader cost-cutting initiative driven by nearly two years of sluggish demand for personal computers, which contributed to an 11% year-over-year revenue drop. Despite the cuts, Dell is forecasting a return to growth for its PC business in fiscal 2025, pinning hopes on AI-enabled devices and servers, while also navigating challenges from its changed commercial relationship with VMware.

Verily, Alphabet's life sciences unit, laid off approximately 35 to 40 employees this week as part of a restructuring within its molecular sciences group. The affected staff were working on the Immune Profiler project, which focuses on studying the human immune system to improve disease management. This move is part of an ongoing cost-cutting drive, following a larger layoff of over 200 employees (15% of its workforce) in January 2023. The company, which operates in the health tech and life sciences industry as one of Alphabet's "Other Bets," is striving to become a profitable business and is currently undergoing a separation from Alphabet's infrastructure, with a deadline set for the end of 2024.

Cybereason, a cybersecurity company, is preparing for its third round of layoffs, cutting dozens of jobs. This follows previous rounds that saw hundreds of employees terminated, part of a significant reorganization and new strategic plan. The company, which once neared a $5 billion IPO in 2021, has since experienced a dramatic 90% drop in valuation to around $300 million, along with CEO resignation and effective takeover by main investor SoftBank. Founded in 2012, Cybereason has raised $850 million and competes with firms like Crowdstrike.

Singular Genomics representing approximately 20% of its workforce on 2024-03-19.

Orbotech, an Israeli subsidiary of American semiconductor equipment giant KLA Corporation, is laying off over 100 employees. This follows the strategic closure of its flat panel display (FPD) division, one of its two main business units. The layoffs, announced in March 2024, are a direct result of a severe and continuous market decline. The FPD and printed circuit board testing division saw revenues plummet by 48% in 2023, contributing to only about 3% of KLA's total revenue, as weak consumer electronics demand led to reduced investment from customers, primarily in the Far East. The decision was accelerated by the cancellation of a major project with a key client.

Airmeet, a Prosus-backed virtual events platform, has laid off approximately 20% of its workforce this week, marking its second major restructuring within a year. This follows a previous round in May 2023, when the company let go of about 30% of its then 250-300 employees. The latest cuts impact various departments, with the tech team being the hardest hit. CEO Lalit Mangal stated the move shifts resource allocation from aggressive R&D investments toward go-to-market (GTM) strategies, aiming for financially healthy growth after achieving product maturity. Founded in 2019, Airmeet operates in the enterprise tech industry and has raised around $50 million in funding, serving clients like Ford and Unilever.

ShopBack laid off 195 employees representing approximately 24% of its workforce on 2024-03-19.

Longi representing approximately 5% of its workforce on 2024-03-18.

Flock Freight laid off 54 employees on 2024-03-16.

Chipper Cash laid off 20 employees on 2024-03-15.

Blueboard, a San Francisco-founded employee rewards software company, abruptly ceased all operations and shut down its website and applications on March 12, 2024. The company, which had moved its headquarters to San Diego and served approximately 500 corporate customers, was forced into liquidation after failing to secure new funding. CEO Taylor Smith cited financial struggles and an unexpected shutdown by a secured creditor, leading to an uncoordinated wind-down that affected clients and employees with unredeemed rewards. The company is now undergoing an assignment for the benefit of creditors (ABC) process while seeking a potential buyer to salvage some of its programs.

Textio laid off 14 employees representing approximately 16% of its workforce on 2024-03-14.

Ancestry, the genealogy giant, laid off 6% of its workforce in April 2024 as the company struggles with subscription revenue challenges. This reduction reflects broader pressures in the consumer health tech and genealogy industry, where maintaining user growth and recurring income has become difficult. The layoffs are part of a strategic effort to streamline operations and improve financial sustainability amid shifting market demands.

Stash laid off 80 employees representing approximately 25% of its workforce on 2024-03-13.

Phantom Auto, a remote driving startup in the autonomous vehicle industry, is shutting down after seven years, laying off its entire workforce of just over 100 employees. The shutdown, announced in March 2024, resulted from the company's inability to secure new funding in a difficult market, despite having raised $95 million total and nearing a deal. At its peak, the company employed about 120 people. This closure reflects broader challenges in the AV sector, where fading investor buzz and missed deployment timelines have led to a wave of consolidations and shutdowns.

IBM has announced layoffs within its marketing and communications division, continuing a trend of workforce adjustments as the company shifts focus toward artificial intelligence. While the exact number of affected employees was not disclosed, IBM indicated the cuts represent a "very low single digit percentage" of its global workforce, which numbers in the hundreds of thousands. This move, announced in a brief meeting led by Chief Communications Officer Jonathan Adashek, is part of an ongoing "workforce rebalancing" strategy. IBM has been actively upskilling employees and integrating AI, having previously announced plans to replace thousands of roles with automation. The layoffs occur amid a broader wave of job cuts in the tech industry, even as IBM reports modest revenue growth and expands its AI offerings like WatsonX.

Atlassian announced on March 11 that it is cutting 10% of its workforce, approximately 1,600 employees, to reallocate funds towards AI and enterprise sales, strengthen finances, and adapt to market conditions.

On March 11, 2024, G/O Media laid off the entire 11-person staff of the sports news and commentary site Deadspin following its sale to European startup Lineup Publishing. The new owners, seeking to build a team aligned with their editorial vision, did not retain any existing employees. This move continues a trend of restructuring within G/O Media's digital media portfolio, which includes sites like Gizmodo and The Onion, and follows a recent controversial article by Deadspin that led to a defamation lawsuit. The sale and subsequent layoffs mark another significant shift for the site, originally part of Gawker Media.

Niche, a Pittsburgh-based edtech platform that helps students find colleges and neighborhoods, has laid off 7% of its workforce, affecting about 23 employees and reducing its total staff to around 320. The company, which raised significant funding in recent years, cited a strategic realignment and resource reevaluation as reasons for the cuts. Despite the layoffs, Niche remains confident in its long-term business strategy and plans to continue hiring in the future. The affected employees will receive severance, benefits continuation, and career transition support.

In March 2024, AI fraud detection software provider Inscribe laid off just under 40% of its staff, affecting dozens of employees. The San Francisco-based startup, which had around 60 employees, made the cuts in January as part of a strategic pivot. The company's board recommended the layoffs after missing revenue goals for over a year, citing market challenges and the need to adapt to AI advances in the financial services industry. The reduction primarily impacted go-to-market and operational roles as Inscribe shifts toward a new product strategy, with a major launch planned for later in the year. This follows a $25 million Series B funding round in early 2023, during which the company had anticipated growth.

In early 2024, plagiarism detection company Turnitin laid off approximately 15 employees as part of organizational changes to streamline processes and evolve its business strategy. This follows CEO Chris Caren's 2023 forecast that AI advancements would allow the company to reduce its headcount by 20% within 18 months, particularly in engineering roles. While the recent layoffs represent a small fraction of its workforce of over 900, they highlight the company's stated direction toward leveraging AI for increased efficiency in the educational technology sector. Turnitin, which provides AI-powered software to schools and universities, confirmed the layoffs but did not specify the exact number, emphasizing transitional support for affected staff.

Following their merger announcement, Israeli customer management platform Totango and its American counterpart Catalyst have laid off dozens of employees due to role overlaps. The layoffs, occurring on March 7, 2024, affect staff in both Israel and the U.S. Before the merger, Totango alone employed over 100 people. The combined entity, backed by Great Hill Partners and led by co-CEOs from both companies, aims to offer a comprehensive customer lifecycle solution. The cuts are a direct result of consolidating operations after the share-swap merger, with Totango being the larger partner.

Meta's Messenger app experienced a small round of layoffs this week, affecting fewer than 50 employees as part of a broader reorganization. This follows similar cuts at Instagram, where technical program manager roles are being eliminated and folded into product manager positions. These layoffs are part of CEO Mark Zuckerberg's ongoing "efficiency" drive, which began in 2023 with over 20,000 job cuts and continues to reshape the tech giant. The move reflects a permanent cultural shift within Meta, aiming to streamline operations and reduce costs, but it has also created ongoing anxiety among some employees.

In February 2024, NFT fantasy sports startup Sorare laid off 22 employees, representing 13% of its staff, as part of a restructuring to centralize product development teams at its Paris headquarters. The web3 gaming company, valued at $4 billion in 2021, is shifting focus to improve communication and efficiency, with an additional 11 New York employees asked to relocate. While not financially driven, the move reflects a broader industry slowdown, as web3 gaming faces extended growth timelines and declining investor interest. Sorare plans to hire over 20 roles in Paris within six months and will maintain its New York office for U.S.-focused teams and partnerships with leagues like the MLB and NBA.

PlanetScale, a cloud database infrastructure company, announced on March 6, 2024, that it is restructuring to prioritize long-term profitability and sustainability. As part of this shift, the company is parting ways with an unspecified number of employees, primarily from its Sales and Marketing departments, and will sunset its free Hobby plan on April 8, 2024. While the exact number of layoffs and total workforce were not disclosed, the decision is framed as a strategic move to build a self-sustaining business. The company, recognized for its rapid growth and serving large-scale tech clients, emphasizes that this change ensures it can continue providing reliable, mission-critical database services without relying on unsustainable free offerings.

MessageBird laid off 90 employees representing approximately 20% of its workforce on 2024-03-05.

Verbit, an AI-powered transcription and captioning platform, is conducting its third round of layoffs, cutting dozens of positions including about 20 in Israel. This follows the appointment of Acting CEO Yair Amsterdam in February 2024. The company, which employed around 500 people prior to this reduction, had previously laid off 60 employees in July 2023 and about 80 in the U.S. the year before. These cuts reflect ongoing challenges for the once high-flying unicorn, which reached a $2 billion valuation in 2021 but has since faced strategic shifts under new leadership.

Form Energy on 2024-03-05.

Our Next Energy laid off 40 employees representing approximately 13% of its workforce on 2024-03-04.

Fintech unicorn Melio is laying off approximately 7% of its workforce, affecting about 40 employees primarily based in Israel, as part of an organizational restructuring announced in early March 2024. Prior to the layoffs, the company employed around 650 people globally, with 400 in Israel. This marks the second round of layoffs for the company, though the first in 2022 did not impact its Israeli branch. Management cited that the company's rapid growth—with the Israeli branch expanding from about 90 to over 400 employees in three years—led to inefficiencies in some departments, necessitating this difficult structural change to better align with future goals.

Edgio laid off 80 employees representing approximately 10% of its workforce on 2024-03-04.

Project Ronin laid off 150 employees representing approximately 100% of its workforce on 2024-03-01.

Pristyn Care, a surgery-focused hospital chain and unicorn based in Gurugram, has laid off approximately 120 employees, representing about 7% of its 1,700-strong workforce. This move, announced in early March 2024, is part of the company's strategic restructuring to achieve profitability by FY25 and prepare for an initial public offering targeted for 2027. The layoffs primarily affect entry-level and support roles following the discontinuation of three redundant business categories and an exit from six underperforming cities. This marks the second round of workforce reductions in a year, as the healthcare startup aims to streamline operations, reduce costs, and improve financial sustainability amid growing revenues and efforts to cut significant losses.

Tonik, a digital bank based in the Philippines, laid off approximately 100 employees in early 2024, representing around 20% of its workforce at the time. The fintech company, which operates in the competitive digital banking industry, cited a strategic restructuring aimed at achieving long-term sustainability and optimizing operations amid challenging market conditions. This reduction affected teams across various functions as Tonik sought to streamline its organization and focus on core business priorities.

Gro Intelligence laid off 90 employees representing approximately 60% of its workforce on 2024-03-01.

Electric vehicle startup Fisker announced on February 29, 2024, that it is laying off 15% of its workforce, affecting nearly 200 employees out of over 1,300 reported in late 2023. The company is facing severe financial strain, with insufficient cash to survive the next year, prompting a strategic shift from direct sales to a dealership model. Amid this transition, Fisker is seeking additional funding and negotiating a potential partnership with a large automaker to secure its future, including the development of new EV platforms. The layoffs come as the company grapples with inventory challenges, slow dealership adoption, and ongoing quality investigations into its Ocean SUV, reflecting broader difficulties in the competitive electric vehicle industry.

Lithuanian fintech startup Kevin, which had over 300 employees in 2022, has laid off approximately 100 staff—about half its remaining workforce—as part of a "brutal" redundancy process initiated in late January 2024. This follows months of financial strain, including delayed salary payments in January and February, as the company struggled to secure funding. Kevin eventually obtained a $25 million bridge round in February, contingent on reducing burn rate and acquiring new customers, leading to significant downsizing. The company disputes some reports, stating only about 14% of its total workforce was fired. Founded in 2017 and backed by investors like Accel, Kevin operates in the payments industry, facilitating user-to-user transactions across Europe and the Middle East.

Vacasa laid off 320 employees representing approximately 5% of its workforce on 2024-02-28.

Electronic Arts (EA) announced on Wednesday that it will lay off approximately 670 employees, representing 5% of its workforce, which totaled 13,400 as of March 2023. This restructuring is part of a broader plan to streamline operations, reduce office space, and discontinue development on certain games and licensed intellectual properties deemed unlikely to succeed in the evolving industry. CEO Andrew Wilson stated the move aims to focus the company's resources on its core owned IP, sports titles, and massive online communities. The video game industry has seen similar workforce reductions recently, with companies like Sony and Microsoft also implementing cuts. EA expects this restructuring to be largely completed by the end of December.

Banking-as-a-service platform Treasury Prime laid off approximately 40 to 50 employees, representing about half of its nearly 100-person workforce, as confirmed by CEO Chris Dean on February 28, 2024. The fintech company, which operates in the financial technology industry, is undergoing a strategic pivot to focus exclusively on providing software directly to banks, moving away from its previous role as a liaison connecting fintechs with banking partners. This shift comes as banks increasingly prefer to negotiate directly with fintechs, and regulatory pressures emphasize banks' direct oversight of third-party partnerships. The layoffs primarily affected teams involved in marketing and selling to other fintechs, streamlining the company to concentrate on its core technology offerings for financial institutions.

In February 2024, Motional, an autonomous vehicle company formed as a joint venture between Hyundai and Aptiv, laid off approximately 5% of its workforce, affecting fewer than 70 employees. The cuts primarily targeted administrative and non-technical roles, with a notable impact in Boston. This reduction, representing the company's second round of layoffs since late 2022, follows Aptiv's decision to cease future capital allocation to the venture, leaving Hyundai as the primary backer. Motional stated the move was part of a resource reallocation to focus on long-term commercial success, including scaling its driverless taxi services and developing next-generation robotaxis, while continuing to hire for critical technical roles. The company operates in the competitive autonomous vehicle industry and had previously indicated funding runway through the end of the first quarter of 2024.

PropertyGuru laid off 79 employees on 2024-02-27.