Layoff Events

Commure, a $6 billion healthcare-AI startup formed by the merger of General Catalyst-backed Commure and Athelas in October 2023, conducted layoffs in November 2023. The company, which operates in the healthcare technology industry, did not disclose the exact number of employees affected, but CEO Tanay Tandon cited redundancies following the merger as the reason. This move came shortly after Tandon had stated plans to hire "aggressively," aiming to grow the combined headcount from around 800 employees and fill hundreds more positions in 2024. The layoffs highlight the challenges of post-merger integration, even as the company positioned itself as a major hirer in the healthcare software sector.

Accel-backed SaaS startup OSlash, which provided an enterprise productivity tool for creating shortcuts to URLs and files, is shutting down operations by the end of November 2023. The Bengaluru and San Francisco-based company, founded in 2020, announced it will cease accepting new registrations immediately and is making its shortcuts technology open source for existing users. While the exact number of employees affected is not specified, the shutdown follows the company's acknowledgment that its core OSlash shortcuts product did not achieve commercial success. OSlash had previously raised $7.5 million in funding, including from Accel, reaching a $50 million valuation in 2022. The founders stated that winding down allows them to return capital to investors and apply lessons learned to future ventures, reflecting broader challenges in the SaaS sector amid a funding crunch.

Equity management unicorn Carta conducted another round of layoffs on November 8, 2023, marking at least its third workforce reduction this year following cuts in January and July. While the exact number of employees impacted remains undisclosed, the layoffs were described as part of a broader company reorganization and not performance-related. Carta, a venture-backed fintech startup in the financial technology industry, had around 1,800 employees as of this summer. The move comes amid internal and external scrutiny following media coverage of company litigation, which CEO Henry Ward recently addressed in communications to clients and staff.

Google on 2023-11-08.

CloudKitchens, the ghost kitchen company founded by former Uber CEO Travis Kalanick, conducted layoffs on November 8, 2023, affecting an unspecified number of its over 4,300 employees. The cuts are part of a broader trend as tech and real estate companies adjust to a challenging market marked by inflation and higher interest rates. CloudKitchens, valued at $15 billion in 2021, has faced operational difficulties, including high customer churn and issues with facility conditions and support. The company, which converts warehouses into kitchen spaces for restaurants, has also scaled back its U.S. real estate team over the past year, shifting focus from acquisitions to renovations and management amid a tougher economic environment.

Amazon on 2023-11-08.

BigCommerce, an eCommerce platform provider, announced a restructuring on November 8, 2023, resulting in layoffs affecting 7% of its workforce. This move is a response to persistent macroeconomic headwinds and tighter eCommerce order growth in 2023, which have impacted upgrades and partner revenue. The company aims to maintain growth and improve its go-to-market efficiency by reducing costs, with sales and marketing spending seeing the largest cuts. Operating in the competitive eCommerce software industry, BigCommerce reported quarterly revenue of $78 million and is focusing on lean operations to navigate the challenging environment into 2024.

Virgin Galactic is laying off 185 employees, representing 18% of its workforce, to cut costs and redirect resources toward scaling production of its next-generation Delta suborbital spaceplanes, aiming to achieve profitability and reduce reliance on unpredictable capital markets.

Snap laid off 20 employees on 2023-11-08.

Zillow, the prominent real estate technology company, laid off approximately two dozen employees in early November 2023, representing less than 1% of its total workforce. The cuts, described as part of ongoing resource-management efforts, affected multiple teams, with the recruiting department reportedly hit hardest. A company spokesperson framed the move as a limited restructuring to eliminate specific roles, noting these positions would be replaced by others, not necessarily reducing overall headcount. The layoffs followed Zillow's third-quarter earnings announcement, reflecting adjustments in its business operations within the competitive real estate tech industry.

Nextdoor representing approximately 25% of its workforce on 2023-11-07.

Oportun laid off 185 employees representing approximately 7% of its workforce on 2023-11-07.

Zeus Living representing approximately 100% of its workforce on 2023-11-07.

In November 2023, ByteDance-owned VR company Pico Interactive laid off a significant portion of its workforce as part of a business restructuring. Reports from Tencent Technology indicated the layoffs could affect over a thousand employees, reducing the staff from a peak of around 2,000 to just "hundreds." While ByteDance confirmed layoffs but disputed the scale, the move was driven by slower-than-expected growth in the VR industry, which Pico's CEO described as still in a very early stage. The company will now focus more on hardware and core technologies, with most of its software team being folded back into ByteDance. This restructuring reflects the challenges in the competitive VR hardware market, where Pico operates as a subsidiary of the Chinese tech giant behind TikTok.

The provided content appears to be a list of cryptocurrency prices and does not contain any information about layoffs at Ava Labs. Therefore, it is not possible to summarize a layoff event from this data. To create a summary, details such as the number of employees affected, the reason for the layoffs, and the date of the event would be required.

Moore Threads on 2023-11-06.

Utah-based real estate tech company Homie conducted significant layoffs last month, quietly letting go of a large portion of its workforce before rehiring some employees. The company, which aimed to disrupt the traditional homebuying and selling process, is struggling to stay relevant amid a challenging real estate market. These continuing workforce reductions reflect the broader pressures within the tech and real estate sectors as the company scales back operations.

The provided content appears to be a list of cryptocurrency prices and does not contain any information about layoffs at OpenSea or any other company. Therefore, it is not possible to summarize a layoff event from this data. To create a summary, specific details about the layoff, such as the number of employees affected, the date, and the company's reasoning, would be required.

Wholesale marketplace Faire has laid off 20% of its staff, or about 250 people, as part of a restructuring to better align teams with its long-term vision. This marks the company's second round of known cuts in just over a year, following a 7% layoff in October 2022 when it had about 1,200 employees.

F5 laid off 120 employees representing approximately 2% of its workforce on 2023-11-03.

Chinese electric vehicle maker Nio announced in early November 2023 that it would cut approximately 10% of its workforce as part of a major reorganization. This decision, communicated by CEO William Li in an internal letter, comes amid fierce competition in the world's largest auto market. The layoffs, aimed at reducing costs and improving efficiency, are intended to help the company refocus resources on core technologies, sales capabilities, and scheduled product launches while eliminating duplicate or inefficient roles. The move follows Nio's participation in a price war earlier in the year, having reduced its vehicle prices significantly in June. The restructuring was scheduled for completion within that same November.

NIO representing approximately 10% of its workforce on 2023-11-03.

OpenSpace, a construction technology company, recently conducted a reorganization and reduction in force. While the exact number of employees laid off and the total workforce size were not disclosed in the announcement, the company's CEO cited the need to become leaner and more focused due to global economic conditions. The restructuring aims to reduce management layers and complex processes, returning to a more agile operational model. Despite being well-capitalized, OpenSpace made this difficult decision to ensure long-term durability and better serve its customers. The company expressed deep gratitude to the departing team members and is committed to supporting them in finding new roles.

Sportradar, a leading sports data and analytics company, announced a workforce reduction of 10% as part of a cost restructuring program aimed at boosting profitability and agility. This decision followed its Q3 2023 results, where revenues grew 12% to €201 million but profits fell significantly. The layoffs, affecting an unspecified number of its total employees, are intended to reallocate resources toward strategic priorities and future market opportunities in the competitive sports data industry. The firm, which holds major data deals with leagues like the NBA, NHL, and MLB, cites a focus on sustained growth and operational maturity amidst a consolidating market landscape.

Orchard, a real estate technology company, laid off a number of employees in a restructuring move announced in a LinkedIn post. The layoffs were attributed to significant headwinds in the housing market, including rising mortgage rates and worsening affordability for buyers, which necessitated measures to ensure the company's long-term focus on its mission. While the exact number of affected employees was not specified in the post, the company expressed regret over parting ways with colleagues and offered to circulate an opt-in list of those impacted for new job opportunities. The industry context points to challenges within the proptech and real estate services sector during a period of market adjustment.

Beyond Meat laid off 65 employees representing approximately 8% of its workforce on 2023-11-02.

Viasat, a global communications company, is laying off approximately 800 employees, representing about 10% of its global workforce. This workforce reduction is part of a strategic effort to streamline operations and improve efficiency. The company expects to incur around $45 million in charges related to these cuts but forecasts annual operating expense savings of roughly $100 million, primarily beginning in fiscal year 2025. The announcement was made in 2023 as Viasat continues to adjust its business in the competitive satellite and telecommunications industry.

Cybersecurity firm Splunk announced layoffs affecting approximately 7% of its global workforce, which translates to around 500 employees based on its nearly 8,000-strong team as of January. The cuts, disclosed in an SEC filing, are part of a restructuring effort expected to incur about $42 million in costs, with most occurring before April 2024. CEO Gary Steele emphasized that these layoffs are not related to the company's pending $28 billion acquisition by Cisco, which is set to close by the third quarter of 2024. This move follows a previous round of about 300 layoffs earlier in the year, reflecting ongoing adjustments within the tech industry.

In November 2023, Sana Benefits, a venture-funded healthcare and insurance company, laid off 73 employees, representing nearly half of its total workforce. This significant reduction was driven by a shift in the market environment, where venture capital has become scarce, particularly for firms in healthcare and insurance. The company is now prioritizing immediate profitability over future growth investments, a strategic repositioning that has enabled it to achieve positive cash flow. Despite the layoffs, Sana assures customers that its health plans and services remain unchanged, with core operations teams retained to ensure continuity. The company is refocusing on customer-centric innovation and its successful Sana Care product, aiming to build sustainably from its current profitable foundation.

Faire, a wholesale marketplace tech company valued at $12.5 billion, laid off approximately 250 employees on November 1, 2023, as part of a company-wide restructuring. This marks the second round of layoffs in just over a year, following a 7% reduction in October 2022 when the company had around 1,200 employees. The cuts affected teams in engineering, product, design, and data science. Faire cited the need to realign its organizational structure with its long-term vision, noting that previous rapid hiring had created management layers that were no longer sustainable after slowing recruitment. The company, which has raised over $1.4 billion since its 2017 founding and recently partnered with Shopify, operates in the e-commerce and wholesale industry, serving as a platform connecting independent brands with retailers.

Informatica laid off 545 employees representing approximately 10% of its workforce on 2023-11-01.

Olive representing approximately 100% of its workforce on 2023-10-31.

StepStone laid off 215 employees representing approximately 5% of its workforce on 2023-10-30.

Hubilo, a virtual events platform, conducted layoffs on Monday, affecting at least 50 employees, primarily in sales and marketing roles, with initial plans suggesting up to 100 cuts. The company, which had raised $125 million in 2021, has shifted its focus from virtual events to webinars due to the industry's decline post-pandemic. This move follows earlier layoffs in July 2022 and January 2023. Most remaining employees are based in India, with indications that U.S. staff may now be minimal. The restructuring reflects challenges in adapting to the changing events landscape, as leadership cited unsustainable operations with the current organization size.

Bungie is conducting layoffs, delaying the Destiny 2 expansion and Marathon release as part of restructuring efforts.

Creator finance startup Karat Financial laid off staffers in October 2023, with sources estimating at least 10% of the company's workforce was cut, though precise numbers were not disclosed. This reduction comes just months after the company, which provides financial services like taxes and bookkeeping for content creators, raised $70 million in a Series B funding round. The layoffs reflect broader challenges in the creator economy, where growth has cooled amid market uncertainty, leading to cuts across various startups and social media firms. Despite the layoffs, Karat continues to hire for several open positions.

Hippo Insurance laid off 120 employees representing approximately 20% of its workforce on 2023-10-26.

Graphy, the software-as-a-service platform owned by edtech giant Unacademy, has laid off 20-30% of its workforce, amounting to nearly 50 employees, in recent weeks. This restructuring comes as the company, which provides learning management tools for creators, has reportedly struggled to meet revenue targets despite earlier projections. The move is part of a broader trend within Unacademy's group companies, following similar job cuts at Relevel and PrepLadder, as the SoftBank-backed firm shifts focus toward its offline operations and aims to enhance overall productivity. While Graphy's leadership cited performance-based reasons for the departures, the layoffs reflect ongoing challenges in the competitive edtech sector.

Multiverse, the UK-based edtech unicorn founded by Euan Blair, has laid off around 40 employees over the past year, significantly impacting its 'early talent' team focused on placing school leavers into apprenticeships. This restructuring, part of a shift toward upskilling existing corporate employees, came after the company missed revenue targets in early 2023 and moved to cut costs amid an economic downturn. The layoffs, which have drawn criticism over a perceived "cut-throat" culture, reflect broader challenges as the once high-flying startup, valued at £1.36 billion in 2022, pivots from growth to profitability in the competitive education technology sector.

Salsify laid off 110 employees on 2023-10-25.

Finland's leading cybersecurity firm F-Secure has initiated codetermination talks that could lead to layoffs of up to 70 employees globally, representing about 13.6% of its total workforce of 516. The restructuring, announced in October 2023, primarily targets up to 50 positions in Finland, with negotiations starting on October 30 and expected to last six weeks. This move follows a profit warning and disappointing interim results, with projected 2023 revenue of 128-132 million euros falling short of expectations. The company cites a challenging operating environment due to the war in Ukraine, high inflation, reduced consumer confidence, and lower demand as key reasons, aiming to achieve approximately 9 million euros in cost savings through this restructuring.

Exabeam, a cybersecurity company, announced a business restructuring on October 25, 2023, resulting in layoffs of approximately 20% of its global workforce. The reduction, affecting employees and contractors across all departments and geographies, was attributed to the need for operational efficiency and financial health amid challenging global macroeconomic conditions. The company emphasized its continued commitment to AI-driven security operations innovation while expressing gratitude to departing employees for their contributions to its market leadership.

Slync representing approximately 100% of its workforce on 2023-10-25.

Indian fashion startup Virgio has laid off 20 employees, representing 33% of its total workforce, as part of a cost-cutting and restructuring effort. This move primarily impacted senior staff members and follows the company's recent pivot from a fast-fashion model, inspired by Shein, to a sustainable, circular fashion brand. The layoffs, reported in late 2023, coincide with a significant leadership overhaul, where several top executives have been replaced by new hires from companies like OnePlus and Flipkart. Backed by investors such as Accel and Prosus Ventures, Virgio acknowledged past hiring missteps and is now recruiting to fill the vacated roles while repositioning itself in the competitive e-commerce industry.

Shipt representing approximately 3% of its workforce on 2023-10-24.

Pebble, a Twitter alternative previously known as T2, is shutting down in October 2023. The social media startup, which had grown a small but engaged community, failed to gain sufficient traction in a crowded market for microblogging platforms. The app maxed out at only 3,000 daily active users out of 20,000 registered accounts, with usage declining further after a rebrand. Facing intense competition from rivals like Mastodon, Bluesky, and Meta's Threads, the company cited the enduring network effect of X (formerly Twitter) and a faster-than-expected evolution of the competitive landscape as key reasons for its closure. The shutdown represents an early casualty among the many emerging alternatives to X.

SiFive laid off 130 employees representing approximately 20% of its workforce on 2023-10-24.

Roblox China, the joint venture between Roblox and Tencent known as LuoBu, laid off 15 employees in October 2023. This affected a small number of staff in both its U.S. and Shenzhen headquarters. The company, which has an estimated headcount between 100 and 499 employees, stated the layoffs resulted from an evaluation of its operational structure following the platform's service halt nearly two years prior. This move reflects the unique challenges and scaled-back operations of the venture in China's gaming market, as the broader Roblox corporation shifts focus from expansion to financial sustainability.

Parity Technologies laid off 100 employees representing approximately 30% of its workforce on 2023-10-23.

Tropic, a procurement software company, has laid off 26 employees as part of a restructuring to align with its 2024 strategy. This move, announced by CEO David Campbell, reflects the company's transition from a tech-enabled services business to a scalable SaaS model following the launch of its unified platform, Tropic 2.0, in May. While the exact percentage of the workforce affected is not specified, the layoffs are aimed at optimizing team structures for efficiency in a shifting market. The decision, though difficult, is intended to position Tropic for long-term growth and hyper-scale, with efforts underway to support impacted employees in finding new opportunities.