Layoff Events

Better Therapeutics, a prescription digital therapeutics company focused on cardiometabolic diseases, laid off approximately 35% of its workforce in late March 2023 as part of a cost reduction initiative. The company, which had gone public via a SPAC in 2021, faced financial challenges with significant net losses and a declining stock price. The layoffs aim to extend the company's financial runway to reach key milestones, including potential FDA marketing authorization for its BT-001 product for Type 2 diabetes. This move reflects broader struggles within the digital therapeutics industry, where companies like Akili Interactive and Pear Therapeutics have also implemented workforce reductions or explored strategic alternatives amid profitability pressures.

The Meet Group, a Pennsylvania-based online dating and social networking company, is undergoing layoffs as part of a broader reorganization by its German parent company, ParshipMeet Group. While the exact number of affected employees has not been officially confirmed, the layoffs primarily impact the U.S. operations, particularly in the video department, with roles in legal and technical teams also affected. The parent company, which had a global workforce of about 700 at the end of last month, including 230 at The Meet Group, stated the restructuring aims to streamline operations and reduce redundancies. This reorganization also coincides with the departure of co-founder and co-CEO Geoff Cook and co-founder Catherine Connelly, marking a significant leadership change for the company following its $500 million acquisition in 2020.

Aspiration laid off 170 employees on 2023-03-24.

In March 2023, data protection company Veeam, owned by private equity firm Insight Partners, laid off 200 employees, representing approximately 3.8% of its workforce, which stood at over 5,000 post-layoffs. The company described the move as a strategic decision to drive efficiency and reallocate investments, particularly accelerating hiring in research and development. Despite being a profitable and fast-growing firm with over 450,000 customers, Veeam cited the need to prioritize its market approach. The layoffs occurred amid a competitive industry landscape, where Veeam had recently been recognized as a joint leader in the data protection market alongside Dell.

TakeOff laid off 50 employees on 2023-03-23.

Cimpress laid off 500 employees on 2023-03-23.

Slite, a company in the tech industry with a team of 40 employees, laid off 10 people this week, representing 25% of its workforce. The layoffs were a strategic decision to ensure the company's long-term stability in a challenging market. Slite is pivoting its focus toward AI-driven knowledge base solutions, including its upcoming AI assistant "Ask," and needed to streamline operations to successfully execute this new direction while maintaining a calm, focused team environment. The CEO expressed deep personal regard for the impacted employees, who worked in marketing, support, talent, product, and engineering, and actively recommended them for new opportunities.

Glovo, a Spanish on-demand delivery startup, laid off 250 employees, representing approximately 6.25% of its global workforce of around 4,000. The layoffs, announced in June 2022, were part of a restructuring effort to streamline operations and achieve profitability amid challenging market conditions in the tech and delivery industry. The company, operating at a global scale, cited the need to adapt its organizational structure to ensure long-term sustainability and focus on core markets.

Logitech laid off 300 employees on 2023-03-22.

Glassdoor laid off 140 employees representing approximately 15% of its workforce on 2023-03-22.

Rewind, a provider of cloud backup and data recovery solutions, has announced a team reduction to realign the company for long-term success amid changing macroeconomic conditions. While the exact number of employees laid off and the total workforce size were not disclosed, the decision was described as difficult but necessary to refocus on core strengths in the cybersecurity landscape. The company expressed deep gratitude to departing colleagues and is offering severance packages and job placement assistance. This restructuring aims to ensure Rewind continues to deliver superior data protection services to its customers.

Indeed laid off 2,200 employees representing approximately 15% of its workforce on 2023-03-22.

Roofstock, a proptech company valued at $1.9 billion, has laid off approximately 27% of its workforce in its second round of job cuts within five months. The layoffs, announced on March 22, 2023, affect an unspecified number of employees from a team that was previously reported to be over 400. CEO Gary Beasley cited the challenging macroeconomic environment and its negative impact on the business as the reason, stating the move was necessary to reduce cash burn and extend the company's capital runway. Roofstock, which operates an online marketplace for investing in single-family rental homes, had raised significant funding, including a $240 million round led by SoftBank Vision Fund 2.

In March 2023, cryptocurrency custody and settlement provider Copper announced layoffs affecting up to 15% of its workforce as part of a strategic streamlining amid a severe crypto bear market. The company, which employs approximately 300 people, could not specify an exact number of job cuts as the process was just beginning. This restructuring follows Copper's decision to shelve its enterprise software business, including ending its partnership with State Street, to concentrate resources on its core "off-exchange" ClearLoop settlement network. CEO Dmitry Tokarev cited the need to prioritize scalable revenue lines and capitalize on rising demand for collateral management solutions following the FTX collapse. The London-based firm, which serves institutional clients and is chaired by former UK Chancellor Philip Hammond, stated it remains in a stable financial position while seeking additional funding.

Wejo laid off 40 employees representing approximately 16% of its workforce on 2023-03-22.

Influencer-marketing platform Grin conducted a significant round of layoffs on Tuesday, March 21, 2023, impacting staff across marketing, engineering, and other teams, with the sales department reportedly taking a particularly brutal hit. This marks the company's second layoff in recent months, following a November round that cut 60 employees, about 13% of its staff at the time. Former employees described the latest cuts as "unfair and unexpected," noting they were abruptly logged out of company systems. While the exact number laid off this time was not officially disclosed, it was described as "significantly larger" than the previous round. The layoffs are attributed to the challenging state of Grin's business and the broader economic climate. The creator-economy startup, which has raised $145 million, provides software for brands to run influencer campaigns.

Expedia on 2023-03-21.

Workhuman, an Irish human resources technology firm, is laying off approximately 10% of its global workforce, affecting around 130 employees out of a total of 1,300. The company, which has major offices in Dublin and Boston, announced the cuts in March 2023 as part of a strategic realignment to balance growth with profitability amid a volatile economic climate. CEO Eric Mosley cited the need to invest in new strategic initiatives while exercising prudence. This marks the third major layoff announcement affecting Irish tech workers in a week, following similar moves by Meta and Amazon. Despite the reductions, Workhuman plans to continue hiring in key areas and offered affected employees a severance package including a minimum of three months' pay plus additional benefits.

Hamburg-based job networking platform Xing, part of the New Work SE group, is laying off 68 employees as part of a strategic realignment. The cuts affect 46 staff in Hamburg and 22 across other locations like Valencia and Porto, with the Zurich office being completely closed. This represents a significant shift for the company, which grew from a small startup to a 2,000-employee operation. The layoffs, announced in March 2023, span various roles from software development to marketing. Xing aims to refocus from a social networking model to becoming the top recruiting partner in German-speaking regions, prioritizing targeted job matching and career advice for its 21 million members.

Fintech startup Smallcase, backed by Sequoia and valued at $200 million, laid off 15 employees, representing 4% of its workforce, as part of a restructuring exercise over a three-month period ending around March 2023. The company described the move as a normal business adjustment, but sources indicate it followed the implementation of Performance Improvement Plans and came amid growing financial pressures. Smallcase reported a significant increase in losses, reaching Rs 76.2 crore in FY 2021-22, a 196% year-on-year rise, largely driven by a surge in marketing and promotional expenses. Founded in 2016, the platform enables retail investment in stock and ETF portfolios.

Mr Yum, a hospitality tech company, has laid off approximately 40 employees globally as part of a strategic restructuring aimed at achieving profitability with its existing cash reserves. This reduction, announced by co-founder Kim Teo, represents a significant cut to the workforce as the company seeks to control its financial destiny. The layoffs, which occurred recently, follow a previous round, indicating ongoing challenges in the competitive tech industry. The company, known for its QR code ordering platform, is navigating a difficult period by streamlining operations to ensure long-term sustainability.

Toronto-based accounting software firm FreshBooks has laid off approximately 80 employees, representing 10 percent of its 800-person workforce. This second round of cuts since December is part of a strategic shift away from pursuing an immediate IPO toward achieving profitability by 2025, driven by unpredictable capital markets. The layoffs, announced in early 2023, primarily affected marketing, data, and product teams, including the departure of its CMO. As a late-stage FinTech company serving small-to-medium businesses globally, FreshBooks is now focusing on internal cash flow to fund operations amid broader industry downturns.

Marvell laid off 320 employees representing approximately 4% of its workforce on 2023-03-21.

Buy-now-pay-later firm Laybuy, based in Auckland, has initiated a further restructuring, resulting in layoffs affecting 10% of its staff. The company, which is due to delist from the ASX this week following a troubled period in public markets, also warned that its long-stated goal of achieving profitability this financial year is now unlikely to be met. This move, announced on March 21, 2023, is part of broader efforts to navigate its financial challenges within the competitive fintech industry.

GAMURS Group on 2023-03-21.

Just Eat Takeaway, a major player in the global food delivery industry, is laying off approximately 1,700 delivery drivers and 170 operations staff in the UK. This significant reduction, announced in early 2023, is part of a broader reorganization to cut costs and improve efficiency amid a slowdown in demand. The company is shifting towards a model that relies more on self-employed gig workers. This decision follows a reported 10% drop in UK orders and a 9% decline in global orders for 2022, with the firm opting not to provide a sales forecast for the coming year, reflecting ongoing challenges in the competitive delivery sector.

Huuuge Games representing approximately 10% of its workforce on 2023-03-20.

Amazon is laying off an additional 9,000 employees in the coming weeks, as announced by CEO Andy Jassy in March 2023. This follows a previous round of 18,000 layoffs from November to January, bringing the total recent cuts to 27,000. The latest reductions will primarily impact the cloud computing (AWS), advertising, human resources, and Twitch units, with about 400 positions being eliminated at Twitch specifically. These layoffs, part of the largest workforce reduction in Amazon's history, aim to streamline costs amid economic uncertainty and slowing growth. The company, which had over 1.6 million employees globally at its peak, is focusing on operating leaner while continuing to invest in key long-term customer experiences.

Home renovation and interiors unicorn Livspace laid off over 100 employees, representing about 2% of its workforce, on March 17 as part of a cost-cutting exercise to extend its runway amid a challenging funding environment. The layoffs primarily impacted product, engineering, content, and marketing teams. While sources claimed affected employees were not offered severance, the company stated it provided an assistance package, extended medical insurance, and outplacement support. Livspace, which reported a significant loss in FY22, aims to achieve profitability in the coming year while focusing on efficient capital deployment.

Calgary-based software startup Symend has laid off 50 employees, representing 25 percent of its staff, as part of a restructuring last week. This follows a previous round in November that cut 13 percent of the team. Combined, these reductions total about 80 employees, bringing Symend's headcount down to 186 from 296 in mid-2022—a drop of over a third. The company, which provides behavioral engagement platforms for telecom and financial services, cites a shift toward lean operations and sustainability amid uncertain economic conditions. Despite raising $54 million in growth capital just four months prior, Symend is adopting a conservative spending approach, with cuts now affecting various departments beyond the earlier product and tech focus.

Candor Technology, a mortgage AI firm specializing in automated underwriting, has conducted layoffs as part of a strategic shift to adapt to the challenging mortgage market. While the exact number of affected employees is undisclosed, the company is estimated to have between 51 and 200 total staff, with 65 listed on LinkedIn. CEO Tom Showalter cited the need to optimize personnel levels amid industry headwinds, as lenders are cutting costs. The Georgia-based tech startup, which serves about 40 lenders and raised $12.5 million in 2021, aims to continue developing new products to provide value in a changing environment.

In March 2023, edtech company Course Hero, a former unicorn valued at $3.6 billion, laid off 42 employees, representing 15% of its workforce. This marked the company's first significant layoff in its 17-year history. The cuts occurred under new CEO John Peacock, who described the move as a strategic effort to position the business for future growth in a rapidly evolving sector. The layoffs followed a major restructuring months earlier, which saw co-founder Andrew Grauer step down as CEO and the creation of a parent company, Learneo. Course Hero provided several months of severance and transition support to affected staff and stated it did not anticipate further layoffs.

Leafly laid off 40 employees representing approximately 21% of its workforce on 2023-03-16.

Bonusly on 2023-03-16.

Freshworks, a Nasdaq-listed SaaS company with approximately 5,200 employees globally, conducted a new round of layoffs in March 2023, affecting staff in India and the US. While the exact number of impacted employees was not disclosed, the company described it as a "small number" and stated the move was aimed at improving organizational efficiency and eliminating duplicated efforts, not related to the Silicon Valley Bank collapse. This followed a previous layoff three months earlier, where about 90 employees (2% of the workforce) were cut due to performance issues and staffing redundancies amid macroeconomic pressures in the software industry.

Runtastic, the Austrian fitness app subsidiary of Adidas, is laying off approximately 70 employees out of its 250-strong workforce in Austria, representing a 28% reduction. This restructuring, announced in March 2023, is part of broader changes within Adidas and is attributed to shifting market demands influenced by the COVID-19 pandemic. The company will also discontinue its "Adidas Training" app to focus resources on its core "Adidas Running" product, leading to fewer projects and teams. Affected staff were notified in mid-March, with management offering individual consultations to find solutions. The move reflects the ongoing integration of the acquired startup into Adidas's brand strategy, as the Runtastic name continues to be phased out.

Coherent, a manufacturer of high-tech lasers and optical equipment, is laying off 108 employees at its Finisar subsidiary in Fremont, California, as part of a restructuring effort. The job cuts, which are permanent and scheduled for May 15, 2023, are attributed to weakening business conditions and a decline in demand, prompting the company to reduce operational costs. This move reflects broader layoffs within the tech sector, where Bay Area companies have announced over 23,000 job eliminations since mid-2022. The affected employees were notified in March 2023.

In March 2023, the e-commerce marketing automation platform Klaviyo conducted companywide layoffs, letting go of 140 employees across all teams, including engineering and design. This reduction impacted roughly 10% of its workforce, as the Boston-based, venture-backed company sought to reduce redundancy and recalibrate its areas of investment for the future. The layoffs placed Klaviyo among the many tech companies that implemented workforce cuts in 2023, reflecting a period of strategic adjustment even as the business continued to serve over 100,000 users and had recently received a significant strategic investment from Shopify.

Retail tech startup Dukaan has laid off approximately 56 employees, representing about 30% of its workforce, in its second round of job cuts within six months. The layoffs, confirmed by founder Suumit Shah earlier this week, primarily affected inside sales teams and account managers. This restructuring is due to a strategic shift in the company's focus from serving small and medium businesses (SMBs) to helping direct-to-consumer (D2C) brands scale up. The Bengaluru-based, Lightspeed-backed startup, which raised $12.4 million in a pre-Series A round in 2021, offered a two-month salary severance package to impacted employees. This move reflects broader trends in the Indian startup ecosystem, where companies have laid off around 23,000 employees since 2022 amid a funding winter.

Hometap on 2023-03-15.

TradeWindow, an NZX-listed trade software company, announced a significant workforce reduction on March 15, 2023, as part of a cost-cutting program. The company is planning to lay off between 25% and 35% of its employees to reduce cash usage to a more sustainable level. This decision comes after a recent capital raise fell far short of expectations, reflecting a challenging funding market for early-stage technology companies in the software-as-a-service (SaaS) industry. The layoffs aim to help the firm navigate its financial difficulties and stabilize operations.

E-commerce firm Boxed is laying off 25% of its workforce as it seeks a buyer, a move announced in March 2023. The company, operating in the competitive online retail and wholesale industry, is reducing staff significantly amid strategic shifts to streamline operations and attract acquisition interest. While the exact number of employees affected wasn't specified, the percentage indicates a substantial cut as Boxed navigates challenges in the tech and e-commerce sector, reflecting broader market pressures.

Avidbots laid off 50 employees representing approximately 14% of its workforce on 2023-03-14.

Anchorage Digital laid off 75 employees representing approximately 20% of its workforce on 2023-03-14.

Kaleidoscope laid off 15 employees representing approximately 30% of its workforce on 2023-03-14.

Meta, the parent company of Facebook, announced a significant workforce reduction as part of its "Year of Efficiency" initiative. In March 2023, CEO Mark Zuckerberg informed employees that the company plans to lay off approximately 10,000 workers and eliminate 5,000 open roles. This restructuring, which will unfold through the spring and into late 2023, aims to flatten the organization, cancel low-priority projects, and improve financial performance in a challenging economic environment. The layoffs, impacting the tech and business groups, represent a major strategic shift for the social media and technology giant to streamline operations and focus on long-term goals.

Samsung laid off 30 employees on 2023-03-14.

Fetch laid off 100 employees representing approximately 10% of its workforce on 2023-03-14.

Microsoft laid off the team responsible for teaching employees how to make AI tools responsibly, as part of a restructuring effort.

GoTo Group laid off 600 employees on 2023-03-10.