Layoff Events

Autonomous delivery robot startup Nuro is laying off 30% of its workforce, approximately 340 employees, in May 2023 as part of a major restructuring to extend its capital runway. This marks the company's second significant round of layoffs in less than a year, following a 20% reduction in November. The move involves shifting resources away from commercial operations and toward research and development, including pausing plans to scale commercial activities and delaying volume production of its flagship Nuro bot. The restructuring is intended to provide the company with enough capital to operate for another three years without additional fundraising. Affected employees will receive severance packages and healthcare support.

In May 2023, dental technology startup Toothsi, known for its clear aligners and endorsed by celebrities like Virat Kohli and Anushka Sharma, laid off approximately 20 to 30 employees. This reduction, impacting tech, product, and testing teams, was part of an effort to extend the company's financial runway amid a funding crunch, as it struggled to secure new investment. The layoffs occurred about a year after Toothsi raised $40 million, which was initially intended for team expansion into new markets and categories. Operating in the health-tech and personal care industry, the startup, which also runs the sister brand Skinnsi under the parent brand MakeO, joins a trend of startups downsizing to manage costs in a challenging economic environment.

Tessera, a Paradigm-backed NFT ownership platform, is shutting down entirely, effectively laying off all employees. The company, which had raised $20 million in a Series A round led by Paradigm in 2022, made the decision after analyzing market scenarios, its structure, and financial situation. Co-founder Andy Chorlian announced the wind-down on May 12, 2023, stating that targets for profitability for its projects, including the Escher marketplace, did not make business sense. This closure occurs amid a struggling NFT market and follows recent legal charges against Chorlian related to an alleged securities manipulation scheme. The entire team is impacted as operations cease over the coming weeks.

Meesho, an Indian social commerce startup, laid off 251 employees, representing 15% of its workforce, on Friday to accelerate its timeline to profitability and work with a leaner organizational structure. This is the second round of job cuts, following 150 layoffs a year ago, as the company aims to reduce cash burn and achieve EBIDTA breakeven in 2023.

Cornershop laid off 250 employees representing approximately 11% of its workforce on 2023-05-11.

On May 11, 2023, e-discovery and legal technology company CS Disco Inc. conducted its second round of layoffs for the year, reducing its workforce by 8%. The company, which provides software for the legal industry, disclosed this staff reduction in a filing with the U.S. Securities and Exchange Commission. This move reflects ongoing adjustments within the legal tech sector as companies aim to streamline operations and improve financial efficiency amid broader economic pressures.

Varo Bank has laid off 97 employees as part of a restructuring effort to reduce costs and move toward profitability. The cuts primarily affect the contact center and remote deposit capture group, which are being outsourced. This reduction represents a streamlining of operations for the digital banking company, which remains well-capitalized and focused on product innovation and customer growth. Impacted staff have been notified and will receive transition support. The layoffs were announced in early 2023 as Varo aims to strengthen its financial position while continuing to serve its customer base.

Microsoft laid off 158 employees on 2023-05-10.

Digital intelligence company Similarweb laid off over 60 employees, representing about 6% of its workforce, in May 2023. This followed a previous round of 130 layoffs in November 2022. The cuts were announced alongside first-quarter results that showed a 19% revenue increase to $52.8 million but a persistent GAAP operating loss of $13.1 million. The company, which provides web traffic analytics, cited ongoing efforts to improve its financial position and achieve positive cash flow, with most affected employees based outside Israel.

Redbubble, a listed online arts and crafts marketplace, is laying off 75 employees, which represents 23% of its workforce. The cuts, announced on May 10, 2023, are part of a broader cost-reduction effort by returning CEO Martin Hosking aimed at saving $13 million to $15 million annually and restoring the e-commerce company to positive cash flow.

Stack Overflow, the prominent online platform for developers, has laid off approximately 58 employees, representing about 10% of its workforce. CEO Prashanth Chandrasekar announced the difficult decision, citing a strategic shift towards profitability amid macroeconomic pressures. The company is refocusing its efforts on its core Stack Overflow for Teams product and upcoming AI/ML offerings, aiming for greater agility. The layoffs occurred in April 2026, affecting employees across the tech industry, with the company providing severance and support services during the transition.

Marqeta, a financial technology company specializing in card issuing and payment processing, conducted a workforce reduction in early 2023 as part of a broader restructuring plan. The layoffs affected approximately 100 employees, which represented around 10% of its total workforce at the time. This decision was driven by a strategic shift to improve operational efficiency and reduce costs amid a challenging macroeconomic environment. The move, announced in the first quarter, aligns with the company's efforts to streamline operations and focus on core growth areas within the fintech industry.

AudioCodes, an Israeli Nasdaq-listed company specializing in voice-based transcription technology, is laying off approximately 80 employees, representing 6% of its workforce, immediately. Over the next 6 to 12 months, the total workforce reduction is expected to reach 8-10%. The decision, announced in May 2023, is a response to macroeconomic pressures impacting customer spending and follows a weaker-than-expected first quarter where revenues declined by 10.8% year-over-year, resulting in a net loss. The company, which operates in the voice technology and software industry, is taking these steps to restructure its spending amid ongoing market uncertainty.

Sonatype, a software supply chain management company, laid off approximately 100 employees, representing 14% of its global workforce, in May 2023. The cuts impacted teams across sales, marketing, engineering, customer success, and general administration worldwide. Company president Alex Berry framed the move as a restructuring to position Sonatype for future market success, not due to systemic business issues. However, the layoffs were reportedly handled poorly, with employees and even engineering managers caught by surprise after being assured their jobs were secure. Staff were abruptly let go and instructed not to speak to the press, contrasting with more transparent approaches seen at other tech firms. The layoffs reflect broader cost-cutting trends in the IT and software industry at the time.

LinkedIn is cutting 716 jobs as it phases out its InCareer app in China, citing fierce competition and a challenging macroeconomic climate. The company, which has 20,000 employees and is owned by Microsoft, plans to finish phasing out InCareer by August 9 while shifting its China strategy to focus on helping companies hire, market, and train abroad.

Mobile sports streaming startup Buzzer is laying off a significant portion of its workforce as it pivots from a consumer-facing app to a B2B technology provider. The company's headcount has shrunk from a peak of around 65 employees early last year to fewer than 30 as of May 2023, representing a reduction of over 50%. This strategic shift comes in response to changing market dynamics, including leagues and teams seeking more direct control over their digital streaming distribution. The company, which has raised $44 million from prominent sports investors, will now offer its proprietary technology and services under a "Powered by Buzzer" model to help rights holders build and enhance their own direct-to-consumer streaming platforms.

Akamai laid off 290 employees representing approximately 3% of its workforce on 2023-05-09.

Everledger, a Brisbane-based startup that used blockchain to track the provenance of diamonds and other precious goods, has entered voluntary administration as of May 2023 after anticipated investor funding fell through. This occurred despite backing from the Australian federal government and Chinese tech giant Tencent. The company, founded in 2015, was forced to cease operations, resulting in layoffs affecting its entire workforce, though specific employee numbers were not disclosed. The shutdown highlights the challenges faced by tech startups in securing sustained investment, even with high-profile support and innovative applications in the blockchain and supply chain tracking industry.

Israeli surgical robotics startup Momentis, formerly known as Memic, is laying off 70 employees, which represents 60% of its workforce. The layoffs reduce the team from 120 to 50 employees, with about 40 based in Israel and the rest in the U.S. This significant downsizing, announced in May 2023, follows the collapse of a planned $1 billion SPAC merger in March 2022 due to unfavorable market conditions. Operating in the medical technology industry, the company develops robotic-assisted surgery solutions and had raised $116 million since its 2012 founding.

LinkedIn laid off 716 employees representing approximately 4% of its workforce on 2023-05-08.

In May 2023, the Sequoia-backed edtech company Cuemath laid off approximately 100 employees across various departments, including marketing, technology, product, and operations. This workforce reduction occurred amid a broader "funding winter" impacting the edtech industry, as companies like Cuemath sought to cut costs and extend their financial runway. Concurrently, the company announced a leadership transition, with co-founder Manan Khurma resuming the CEO role while former CEO Vivek Sundar moved to an advisory position. Headquartered in Bengaluru and valued around $400 million, Cuemath specializes in one-on-one math tutoring for K-12 students. Despite reporting significant revenue growth, the company also faced escalating losses, contributing to the decision to restructure.

In May 2023, Indian e-commerce unicorn Meesho announced its second round of layoffs in just over a year, letting go of 251 employees, which represents approximately 15% of its workforce. CEO Vidit Aatrey communicated the decision via email, citing a challenging macroeconomic environment and admitting to judgment errors in over-hiring ahead of the curve. He noted the company's organizational structure had become inflated, affecting execution speed, and stated the need to align people costs with new business projections. This round marks the first job cuts within Meesho's core marketplace model, following a previous reduction of 250 employees from its grocery arm in 2022. The Bengaluru-based startup, valued at $4.9 billion and backed by investors like SoftBank and Sequoia, is among the new-age companies adjusting to a tougher funding climate.

Twist Bioscience, a synthetic biology company, laid off approximately 270 employees, representing about 25% of its workforce, in a restructuring effort announced in early 2024. The move aims to reduce costs and extend the company's financial runway, focusing resources on core DNA synthesis and data storage businesses. This significant reduction reflects broader challenges and consolidation within the biotechnology and life sciences tools industry.

Eventus, a trade surveillance technology provider, has laid off approximately one-third of its global workforce, primarily from sales and business development, including senior leaders. The cuts, confirmed in early 2024, are a response to a challenging funding environment, as the company shifts from aggressive growth to a phase of optimizing for efficient, self-sustaining expansion without relying on external capital. While specific employee numbers were not disclosed, the significant reduction highlights the pressures in the fintech sector, with Eventus stating these difficult decisions were made to focus resources on client-serving areas yielding strong returns.

Teachmint, a Bengaluru-based edtech startup backed by Lightspeed, has laid off over 70 employees in its second round of job cuts, conducted on May 4, 2023. This follows a previous round five months earlier where around 45 staff were let go. The layoffs, part of a restructuring effort to improve operational efficiency, primarily affected talent acquisition, tech, support, and quality analyst roles. The company, which operates in the competitive edtech industry, is facing significant financial challenges, with its net loss surging 24 times to INR 131.7 crore in FY22 amid rising costs and revenue pressures. Teachmint is offering a severance package of three months' salary to impacted employees.

Scribe Media laid off 90 employees representing approximately 100% of its workforce on 2023-05-04.

Sabre, a major travel technology company, is laying off approximately 15 percent of its workforce, which translates to about 1,125 employees based on its reported total of nearly 7,500 at the end of 2022. The announcement was made by new CEO Kurt Ekert during an earnings call on Thursday, May 4, 2023. This restructuring is part of a broader effort to achieve $200 million in annual cost savings, reflecting the company's response to a permanently changed travel industry landscape following the pandemic and its need to realign for future financial and strategic goals.

Israeli software company Glassbox is laying off 40 employees, representing 14% of its workforce, as part of a cost-cutting measure aimed at saving $7.44 million annually. The layoffs, announced in early May 2023, come as the company has seen its market capitalization plummet by about 85% since its IPO in June 2021, when it was valued at nearly $500 million. Glassbox, which provides analytics platforms for digital customer experiences, currently has a market cap of around $73 million. The move reflects broader challenges in the tech sector, with the company's share price rising over 9% on the news as investors responded to the restructuring plan.

On May 4, 2023, Shopify, an Ottawa-based e-commerce platform, announced it would lay off 20% of its workforce, affecting over 2,300 employees out of approximately 11,600 total staff. This marks the company's second major round of layoffs in under a year. The cuts are part of a strategic shift to streamline operations, including the sale of its entire logistics division to Flexport in exchange for a 13% stake. CEO Tobi Lütke cited an unhealthy ratio of managers to "crafters" as a key factor, with managerial roles being disproportionately targeted. The move, aimed at long-term cost reduction, will incur significant severance and impairment charges but was followed by a stock price increase as investors reacted to the restructuring.

Israeli AI shopping startup Karma laid off 20 employees on May 4, 2023, representing 28% of its 70-person workforce. The company, which offers a browser extension and app for automated coupons, cash rewards, and price tracking, cited a strategic shift and market challenges as reasons for the cuts. All affected staff were based in Israel. Founded in 2014 and having raised $34 million, Karma stated the move was part of focusing on its core business from a position of strength and profitability.

Autograph, the NFT platform co-founded by Tom Brady, has laid off about a third of its workforce, affecting up to 30 employees out of a total of 107. This significant reduction, which occurred in early May 2023, follows a previous round of layoffs in December, as the company navigates a cooling NFT market where sales are projected to plummet 72% this year. The layoffs, impacting senior executives as well, reflect broader challenges in the technology and digital collectibles industry, with Autograph citing market conditions similar to other tech firms that have downsized. Despite the cuts, the Los Angeles-based startup, which raised $170 million in Series B funding in 2021, aims to focus on product development with its remaining team.

Israeli fintech unicorn Earnix laid off approximately 30 employees, representing 10% of its workforce, in early May 2023. The company, which provides AI-driven pricing and insurance solutions, cited challenging macroeconomic trends affecting the U.S. insurance market as the reason for the cuts. Founded in 2001 and achieving unicorn status in 2021, Earnix had expanded its team following a $75 million funding round but now joins other tech firms in adjusting to a tougher economic climate.

Brightline representing approximately 20% of its workforce on 2023-05-03.

Unity laid off 600 employees representing approximately 8% of its workforce on 2023-05-03.

Upwork laid off 137 employees representing approximately 15% of its workforce on 2023-05-03.

TheSkimm, a millennial-focused newsletter publisher, laid off approximately 22 employees, representing about 13% of its workforce, in early May 2023. This marked the company's second round of cuts this year, following a previous layoff of 17 people in January. The affected roles included top sales executives and creative leaders. The layoffs are attributed to a persistently challenging advertising market, with digital media facing significant revenue declines. Founded in 2012 and based in New York, TheSkimm expanded from its core newsletter into podcasts and other content but has struggled to diversify revenue and secure new funding amid slowing growth.

Brightcove laid off 70 employees representing approximately 10% of its workforce on 2023-05-03.

Cars24, an Indian used car marketplace unicorn in the automotive e-commerce industry, has laid off nearly 100 employees in Indonesia as part of its decision to shut down operations in the country and Saudi Arabia. This move, announced in early May 2023, is a strategic shift to focus resources on core markets like India, Australia, Thailand, and the UAE. The layoffs follow a broader cost-cutting trend, as the company had previously let go of 600 employees across various verticals in May 2022 to reduce expenses and automate operations. Despite raising significant funding, including a $450 million round in 2021, Cars24 has faced financial pressures, with losses increasing to INR 248 crore in FY22, prompting a retreat from recent international expansions to prioritize sustainable growth in its established markets.

Cybersecurity firm Bishop Fox laid off approximately 50 employees, representing 13% of its workforce, on May 2, 2023. The company, which had around 400 employees prior to the cuts, cited the global economic situation and a need to improve business efficiency as reasons for the restructuring. This move came just days after the company hosted a party at the RSA cybersecurity conference, an event that had been planned months in advance. CEO Vinnie Liu stated that while demand for their solutions remains solid, the company is responding to market uncertainty and investment trends. Bishop Fox operates in the cybersecurity industry and continues to plan for future industry events.

Vallai, a data and AI governance startup, has effectively shut down, resulting in the layoff of its entire team. The closure occurred around the time of co-founder Charlotte Ledoux's LinkedIn post in 2022, marking the end of the company's venture. As a typical early-stage startup, the scale was small, and the shutdown aligns with the high failure rate for new companies, with Ledoux noting that 90% of startups fail within their first two years. The primary reason was the company's inability to sustain itself, leading to this wind-down. The team expressed gratitude to investors like Techstars and incubators including STATION F, while Ledoux transitioned into freelance work in the data and AI governance field.

Zoomo laid off 27 employees representing approximately 8% of its workforce on 2023-05-02.

Commercial real estate finance startup Lev has laid off 34 employees, as reported in May 2023. This follows a previous round of roughly 30 layoffs late last year. The company, which operates a platform using AI to connect property borrowers with lenders, has been impacted by a significant industry slump driven by rising interest rates, which has choked off commercial real estate lending and reduced transaction volumes. Founded in 2019, Lev had previously secured substantial venture capital, including a $70 million Series B round. The layoffs reflect broader challenges in the proptech and commercial real estate sectors amid economic tightening.

PharmEasy, a Temasek-backed healthtech startup in India, laid off an unspecified number of employees in early May 2023. The move comes as the company navigates a challenging market environment, having recently withdrawn its plans for an initial public offering (IPO) and seeking to raise funds at a lower valuation. While exact figures on the scale of the layoffs and total workforce are not provided in the available content, the restructuring reflects broader pressures within the healthtech and startup sectors as companies adjust their strategies for sustainable growth.

SAS laid off 250 employees on 2023-05-01.

Vah Vah, a vocational training startup in India's edtech industry, laid off 150 employees in April this year before quietly shutting down operations. The company, founded in 2020 by former Zynga India head Shailesh Daxini, had raised $3 million in total funding from investors like Sequoia Capital India. The layoffs, which reportedly led to police intervention, came after Vah Vah reported a loss of INR 7 crore in FY22. The shutdown reflects broader challenges in the edtech sector, where many startups that grew rapidly during the pandemic are now struggling with weak unit economics and a funding winter.

In late April 2023, automation and data startup Cogito laid off 177 employees in India, representing a significant portion of its local workforce, which totals over 1,500. The layoffs, which constituted over 10% of its Indian staff, were triggered when a major client abruptly decided to scale down its operations, leaving the employees' project scrapped. The sudden terminations, which included 85 probationary staff, sparked protests at the company's Noida office, with affected employees alleging a lack of prior notice and unpaid salaries. However, Cogito's management refuted these claims, stating that full April salaries were paid and that the employees were satisfied with the company's handling of the situation. This event occurred against the backdrop of a challenging funding environment for Indian startups, forcing many to reduce costs to extend their financial runway.

Berlin-based digital bank N26 announced layoffs affecting 71 employees in late April 2023, representing about 4% of its then workforce of over 1,700. The fintech company cited significant and lasting changes in the global business environment as it moves to sharpen its focus on strategic priorities and adjust its personnel structure accordingly. This move, part of a broader trend of job cuts in the fintech sector, comes as N26 aims to achieve profitability by 2024, following reported losses and regulatory growth constraints. The affected employees are to receive comprehensive severance packages.

Embark Vet laid off 28 employees on 2023-04-28.

Providoor, an Australian online marketplace for high-end restaurant food delivery co-founded by celebrity chef Shane Delia, has entered liquidation as of late April 2023. The startup, which rapidly expanded during the COVID-19 lockdowns by partnering with restaurants in multiple cities, has effectively shut down, resulting in the layoff of its entire workforce. While exact employee numbers were not disclosed, the closure marks a significant exit from the competitive food delivery and restaurant technology industry, highlighting the challenges faced by venture-backed startups in the post-pandemic landscape.

Cue Health laid off 326 employees representing approximately 30% of its workforce on 2023-04-28.