Layoff Events

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.

Poparazzi, the photo-sharing app that briefly topped the App Store charts in 2021, is shutting down as of May 2023, effectively resulting in layoffs for its entire team. The company, which had grown to a team of 15 employees following a $15 million Series A funding round in 2022, cited declining user engagement and a pivot to an unsuccessful new app, "Made with Friends," as contributing factors. Operating in the competitive social media industry, the startup failed to sustain its initial hype despite its innovative concept of allowing users to only post photos of their friends. The closure was announced via a Medium post, with the app set to be discontinued and user data available for download until June 30, 2023.

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Cork-based corporate communications software firm Poppulo announced in late April 2023 that it is cutting 21 roles in Ireland, along with 11 in the UK and 53 in the US, as part of a restructuring in response to the changing economic climate and a need to re-evaluate its cost base. The company, which serves over 4,500 global customers, expressed optimism for the future despite the layoffs, stating the move would position it more strongly to seize upcoming opportunities.

Clubhouse representing approximately 50% of its workforce on 2023-04-27.

In April 2023, the fintech and investment research platform Tickertape, which is backed by Smallcase, laid off 29 employees, constituting approximately 30% of its workforce. The layoffs were part of an internal restructuring, a move the company stated was influenced by a challenging funding environment that has impacted many startups. Tickertape, a platform providing tools and analysis for stocks and mutual funds, had raised $5 million in seed funding in late 2021. The company reported a loss of Rs 16.4 crore against revenue of Rs 3.01 crore for the fiscal year ending March 2022, highlighting the financial pressures within the competitive fintech sector.

Chief, a professional network for women leaders, laid off 43 employees, representing 14% of its staff, on April 27, 2023, as part of a restructuring effort in response to the challenging economic environment. The company, which operates in the professional networking and community industry, now has around 262 remaining employees. The layoffs primarily affected U.S. staff, sparing its smaller U.K. presence. In an email to employees, co-founders cited a focus on enhancing member experience through in-person opportunities, personalization, digital simplification, and embedding diversity and inclusion. This move follows recent scrutiny over the company's stance on social issues, as it continues to serve its 20,000-member base.

On April 28, 2023, Rebellion Defense, a company developing advanced software for national security, announced a reduction in its workforce. The layoffs were a difficult decision made by CEO Chris Lynch, aimed at evolving the organization's customer delivery approach, refocusing product investments for software-defined defense, and extending the company's financial runway amid a challenging macroeconomic environment. While the exact number of employees laid off and the total workforce size were not disclosed in the announcement, the move reflects a strategic shift to prioritize core capabilities and ensure long-term impact for its defense technology customers.

Rad Power Bikes, a prominent U.S. direct-to-consumer e-bike brand, has conducted its fourth round of layoffs within a year as of April 2023, though the exact number of employees affected this time was not disclosed. This follows previous reductions of 100 employees in April 2022, 63 in July, and another undisclosed round in December. The company, which had positioned itself as the world's best-funded e-bike brand after raising $329 million by late 2021, cited ongoing economic challenges and market realities as reasons for the cuts. These measures aim to steer the company toward sustainability amid a downturn, despite its past rapid growth. Leadership changes also preceded this, with founder Mike Radenbaugh stepping down as CEO in November 2022 to focus on advocacy, succeeded by Phil Molyneux.

Airtasker laid off 45 employees representing approximately 20% of its workforce on 2023-04-27.

Alteryx, a big-data analytics company with around 2,900 employees, announced in late April 2023 that it would lay off approximately 11% of its workforce, affecting about 320 staff primarily in sales, marketing, and administrative roles. The decision came alongside mixed first-quarter earnings, where revenue grew but missed expectations, and a weak second-quarter outlook. The layoffs are part of a cost-reduction plan aimed at improving operating margins and accelerating profitability, despite an expected charge of $11-13 million. The company operates in the enterprise software and ETL tools industry, serving large customers with data analytics platforms.

Vroom, an online used car retailer, laid off approximately 800 employees, which represents about 90% of its workforce, as part of a significant restructuring effort. This drastic reduction, announced in early 2024, comes as the company shifts its focus away from its e-commerce operations and used vehicle transactions to concentrate on its automotive financing and services businesses. The move reflects ongoing challenges in the digital used car sales industry, where Vroom, once a notable player, has struggled with profitability and market conditions.

Oddle, a Singapore-based food and beverage technology company, laid off approximately 15% of its workforce in June 2023, affecting around 30 employees out of a total of about 200. The decision was part of a strategic restructuring to streamline operations and focus on core business areas amid challenging market conditions in the tech industry. As a mid-sized startup in the F&B SaaS sector, Oddle aimed to enhance efficiency and ensure long-term sustainability through this difficult adjustment.

Greenhouse, a leading HR technology company in the talent acquisition software industry, announced a difficult layoff on February 24, 2026, affecting nearly 100 employees in the U.S., which represents about 12% of its workforce. The decision was driven by deteriorating market conditions and a more severe economic downturn than initially expected, despite the company's strong growth history, approaching $200 million in revenue and serving over 7,000 customers. To ensure business stability, Greenhouse is reducing costs, particularly in sales and marketing, while focusing on preserving core functions like customer success and product development. The company is providing support to departing colleagues, including severance and benefits assistance.

Dropbox, a cloud storage and collaboration company, announced a significant workforce reduction in April 2023, laying off approximately 500 employees, which represents about 16% of its global workforce. CEO Drew Houston cited a combination of slowing growth due to economic headwinds and the urgent need to pivot resources toward the AI era as primary reasons. The company aims to reallocate investments from less sustainable areas to skill sets focused on AI and early-stage product development, acknowledging both market pressures and internal performance challenges. This restructuring reflects Dropbox's strategic shift to compete in the rapidly evolving tech landscape while maintaining profitability.

Montréal-based construction tech startup RenoRun has ceased operations and terminated its entire workforce after failing to secure financing or a last-minute acquisition. The company, which provided an e-commerce marketplace for building material delivery, entered insolvency proceedings in late April 2023. While the exact number of employees laid off is not specified, the shutdown implies all staff were affected as the company halted operations. Founded in 2016, RenoRun had expanded across North America but faced significant fundraising challenges in late 2022, with investors like Tiger Global not providing further support. Its assets are now being sold through a court-supervised process, with a goal to complete a transaction by mid-May.