Layoff Events

Polygon, an Ethereum Layer-2 scaling startup in the blockchain industry, has laid off approximately 100 employees, representing 20% of its workforce, as part of a consolidation process. The Mumbai-based company, which consolidated multiple business units under Polygon Labs earlier this year, announced the restructuring in February 2023 amid the ongoing "crypto winter." Despite raising $450 million in funding nearly a year prior and maintaining a healthy treasury, the company made this move to streamline operations and crystallize its strategy for the next five years. The affected employees will receive three months of severance pay. This decision reflects broader challenges in the startup ecosystem, where many Indian companies have similarly reduced staff due to funding constraints.

In February 2023, Seoul-based agritech startup Green Labs laid off approximately 350 employees, representing about 70% of its workforce, as part of a major restructuring. This reduced its headcount to 150 people. The layoffs were driven by a severe cash crunch after the company overextended its expansion. A key factor was the suspension of its accounts receivable factoring financing by lender Lotte Card, following a freeze in South Korea's bond market. This forced Green Labs to repay large loans abruptly. Just a month after the layoffs, in March 2023, the company secured $38.4 million in debt financing from existing investors to support its revival efforts.

In February 2023, ride-hailing platform Bolt laid off 17 employees from its Nigerian operations as part of a restructuring effort to improve operational processes in the country. This reduction affected 24% of its 70-person workforce in Nigeria, primarily impacting junior and mid-senior staff. The layoffs occurred despite Bolt's recent announcement of global hiring plans and a significant investment initiative in Africa. Affected employees received severance packages based on tenure, along with additional support such as extended health insurance and career coaching. This move highlights the strategic adjustments within the competitive ride-hailing industry, even as the company, valued at $8.4 billion, continues to expand its global footprint.

Zalando on 2023-02-21.

PeerStreet on 2023-02-21.

Criteo, a France-founded ad tech company with over 3,100 employees, conducted layoffs in mid-February 2023, affecting teams on both sides of the Atlantic. While exact numbers are unconfirmed, social media posts suggest the cuts could impact up to 8% of the workforce, which would amount to approximately 250 employees. The layoffs come amid a challenging economic climate and a 14% year-over-year revenue dip in Q4 2022, as the company attempts to transition from its historic ad retargeting business to reposition itself as a retail media outlet. Speculation indicates these cuts may also serve as a prelude to a potential sale, with companies like Shopify and The Trade Desk rumored as interested buyers.

Kinde laid off 8 employees representing approximately 28% of its workforce on 2023-02-20.

Digital assets infrastructure unicorn Fireblocks is laying off 30 employees, representing 5% of its workforce, as part of a small restructuring to optimize for its next wave of growth. The company, which had raised $550 million at an $8 billion valuation in early 2022, announced the layoffs in February 2023. This marks its first workforce reduction since the tech downturn began. Despite the challenging crypto market, Fireblocks had recently reported surpassing $100 million in annual recurring revenue. The layoffs, affecting about half of its Israeli staff, are intended to better position the company to serve new verticals and meet business objectives in the coming year.

Bengaluru-based community and security management startup MyGate has laid off 30% of its workforce, approximately 200 employees, reducing its team from 600 to 400. This recent round of job cuts, affecting mid-management and junior roles, follows a similar reduction in December 2022. The layoffs are attributed to the ongoing funding winter and macroeconomic pressures, a trend impacting many Indian startups and global tech giants. MyGate, founded in 2016 and backed by investors like Tiger Global, provides security solutions for residential complexes. The company offered a two-month severance to some affected employees, while others received no package.

In February 2023, the direct-to-consumer and retail meat brand Fipola ceased all operations, entering a liquidation process to clear outstanding dues. The company, which had previously announced aggressive expansion plans aiming for 250 outlets across India by 2023-24 and had appointed actor Nayanthara as brand ambassador in August 2022, was forced to shut down. Founder and Managing Director Sushil Kanugolu cited an inability to raise necessary funds due to unfavorable market conditions as the primary reason. This followed months of speculation and complaints from unpaid vendors and some staff in late 2022. The closure affected its 48 stores across several South Indian cities and its online services, marking a significant shutdown in the D2C retail meat industry.

HP is laying off approximately 100 employees in Israel as part of broader workforce reductions, impacting its local workforce of about 2,600. The layoffs, announced in February 2023, primarily affect HP Indigo, the company's largest division in Israel focused on digital printing press manufacturing, with additional cuts in marketing and local headquarters operations. This move reflects ongoing adjustments within the technology and printing industry, as HP, a global tech giant, streamlines its operations amid market challenges.

Chipper Cash laid off 100 employees representing approximately 33% of its workforce on 2023-02-17.

In February 2023, Evernote, the note-taking and task management app, laid off 129 employees following its acquisition by Milan-based app developer Bending Spoons. The layoffs, which occurred on February 17, affected a wide range of teams including product design, engineering, HR, sales, customer service, and marketing. A company spokesperson stated the decision was difficult but necessary, citing Evernote's long-term unprofitability as unsustainable. This move appears aimed at restructuring the company for profitability under its new corporate parent, despite Bending Spoons' own strong financial position, including a recent $340 million funding round. The layoffs reflect ongoing challenges for Evernote in a competitive market against rivals like Notion.

Micron Technology, a major semiconductor manufacturer based in Boise, Idaho, announced in February 2023 that it expects to cut its global workforce by approximately 15%, exceeding its initial December 2022 announcement of a 10% reduction. This adjustment, affecting a company with about 48,000 employees, is a response to a severe market downturn and weakened demand for its DRAM and NAND memory products. The layoffs are part of broader cost-cutting measures, including reduced capital expenditures and executive pay cuts, aimed at aligning the company's operations with challenging 2023 market conditions. The exact number of layoffs at its Idaho headquarters remains unspecified.

Based on the provided content, there is no information about a layoff event at a company named "Reserve." The text appears to be a generic sign-up or login interface for LinkedIn, containing no news, article content, or details about any company's workforce changes. Therefore, it is not possible to generate a summary of a layoff event from this material.

Tencent, Asia's largest internet company, is making personnel adjustments in its extended reality (XR) unit, affecting over 300 employees, following a change in its hardware development plans. While denying reports of disbanding the business entirely, the company confirmed on February 22, 2023, that it is restructuring some teams, offering affected staff two months to seek new opportunities internally or externally. This move marks a shift for Tencent, which had ventured into hardware with the XR unit in June 2022 as part of its metaverse strategy, amidst broader industry challenges in the tech sector.

Digimarc on 2023-02-17.

In February 2023, Seattle-based digital freight network Convoy announced another round of layoffs and the closure of its Atlanta office as part of a restructuring, marking the third workforce reduction in less than a year. While the exact number of affected employees was not disclosed, the cuts are tied to the company's shift toward an automated customer service model, which CEO Dan Lewis stated changes staffing needs. This move follows previous layoffs in June 2022, when Convoy cut 7% of its workforce, and again in October 2022. The company, which operates in the transportation and logistics technology industry and was valued at $3.8 billion in 2022, aims to streamline operations and enhance its shipper experience through increased automation.

Smartsheet laid off 85 employees representing approximately 3% of its workforce on 2023-02-16.

Pico Interactive laid off 400 employees representing approximately 20% of its workforce on 2023-02-16.

The RealReal laid off 230 employees representing approximately 7% of its workforce on 2023-02-16.

DocuSign, the e-signature software company, announced a new round of layoffs on Thursday, planning to cut around 10% of its workforce, which equates to approximately 700 employees. This follows a previous reduction of 9% last September. The company, which had about 7,461 employees in early 2022, stated the cuts are intended to support its growth, scale, and profitability goals, with the restructuring mainly affecting its worldwide field organization. This move is part of a broader trend in the tech industry, where companies are reducing costs amid economic concerns like rising interest rates and slowing demand. DocuSign expects to incur an impairment charge of $25 million to $35 million and aims to complete the restructuring by the end of the second quarter.

Tackle representing approximately 15% of its workforce on 2023-02-15.

Betterment, a digital wealth management firm and robo-advisor, laid off 28 employees on February 15, 2023, citing rising operating costs due to record inflation and ongoing market volatility. The layoffs affected roles across marketing, sales, and engineering. Based on a previous report from August 2022 stating the company had 450 employees, this reduction represents approximately 6% of its workforce. CEO Sarah Levy noted that the firm had already tightened spending and slowed hiring in 2022, but further cuts were necessary. Betterment, which manages $32 billion in assets for 775,000 customers, is also closing its small Philadelphia office and sub-leasing space in its New York headquarters. The move reflects broader economic challenges impacting the finance and technology sectors.

DigitalOcean, a cloud infrastructure provider, laid off approximately 200 employees on February 15, 2023, representing about 11 percent of its workforce. The company, which reported over $152 million in revenue for Q3 2022, cited a restructuring effort aimed at streamlining operations and reducing costs. This move includes a management reorganization and a shift toward hiring in lower-cost regions like Pakistan and Mexico to prioritize global talent acquisition. Despite the layoffs, DigitalOcean emphasized its goal to avoid further reductions, focusing instead on stabilizing its business. The tech industry has seen similar cuts as companies adjust to economic pressures, with DigitalOcean's stock price rising 7 percent on the day of the announcement, reflecting investor optimism about cost-saving measures.

Wix, the Israeli-founded website building company, laid off 370 employees on February 15, 2023, representing over 6% of its then workforce of approximately 5,700. This marked a second round of cuts within six months, following 100 layoffs the previous September. The latest reductions primarily affected customer care departments in the U.S., leading to the closure of some service sites. The move is part of a broader $150 million cost-cutting plan, driven by operational difficulties and pressure from an activist investor, as the company adjusts after a period of rapid expansion during the pandemic.

Religion of Sports on 2023-02-15.

On February 15, 2023, Brazilian digital bank Neon conducted a mass layoff, affecting approximately 210 employees, which represents about 9% of its total workforce. The cuts primarily targeted the technology, product, and agile project teams across all seniority levels. This move comes about a year after Neon achieved unicorn status with a $300 million funding round. The fintech cited necessary adjustments to face macroeconomic challenges and a reprioritization of initiatives as reasons for the layoffs, aligning with a broader trend of workforce reductions in the startup and digital banking sector.

Australian rapid grocery delivery startup Milkrun laid off approximately 20% of its workforce, affecting around 40 employees based on an estimated total of 200 staff. The cuts, announced internally by CEO Dany Milham on Wednesday, are part of a restructuring to extend the company's cash reserves amid challenging economic conditions. Milkrun is also consolidating several of its delivery hubs, though it will continue serving all current markets. The move follows a period of significant losses, with reports indicating the company was losing money on orders last year, and comes as rising interest rates make investors more cautious about cash-burning startups. The company stated these changes would secure its financial runway for over 12 months, with average order values reportedly doubling to more than $50.

ServiceTitan laid off 221 employees representing approximately 8% of its workforce on 2023-02-15.

Divvy Homes, a San Francisco-based rent-to-own startup in the real estate technology industry, conducted another round of layoffs on February 15, 2023, affecting high-ranking employees such as the head of growth marketing, IT manager, and senior product manager. This follows a previous layoff in September 2022, where about 40 employees, or 12% of the workforce, were cut due to worsening economic conditions. The company, which had raised significant funding and was valued at $2 billion in 2021, cited ongoing macroeconomic challenges and the need to adjust headcount for the volatile environment. The layoffs reflect broader struggles in the startup sector amid a tightening market.

In February 2023, customer experience software company Sprinklr conducted a workforce reduction, laying off approximately 4% of its global employees, which amounted to over 100 people. This decision was part of a strategic realignment in response to the broader economic slowdown, as the company shifted from a capacity-driven to a productivity-driven business model. The layoffs, initiated in early February, affected staff in key regions including the United States and India, but did not involve any C-level executives. Sprinklr, a New York-based enterprise firm, had reported a total workforce of 3,245 employees as of January 2022. The move aimed to streamline operations and focus on profitable growth amid market uncertainties that were pressuring client spending on marketing and social media management services.

SurveyMonkey, a prominent online survey and forms company in the SaaS industry, conducted a workforce reduction in early 2023, laying off approximately 11% of its employees. This decision, which affected around 100 staff members from a total of roughly 900, was part of a broader restructuring effort to streamline operations and improve profitability amid challenging economic conditions. The layoffs reflect the company's strategic adjustments to navigate market pressures and align its resources with key business priorities.

Jellysmack laid off 208 employees on 2023-02-15.

Vicarious Surgical, a medical technology startup developing a robotic surgery system to compete with Intuitive Surgical's da Vinci, announced layoffs on February 15, 2023, as part of cost-cutting measures to extend its financial runway. The company is reducing its workforce by 14%, affecting approximately 23 employees out of a total of 165, primarily in sales, marketing, and administrative roles. This decision aims to conserve cash, providing the company with an estimated two years of operating funds, while simultaneously increasing investment in research and development to accelerate product development. The layoffs reflect broader challenges in the medtech sector and the competitive pressures faced by smaller companies like Vicarious Surgical as they navigate the costly process of bringing innovative surgical robots to market.

Udemy representing approximately 10% of its workforce on 2023-02-14.

CommerceHub laid off 371 employees representing approximately 31% of its workforce on 2023-02-14.

HackerEarth, a tech-focused skilling and hiring startup, has laid off approximately 17 employees, representing over 8% of its workforce, which the company clarified totals 190 employees. This reduction, attributed to challenging macroeconomic conditions such as an economic downturn, funding crisis, and impending recession in the US market, was announced in February. CEO Sachin Gupta explained that after strong growth in 2020 and 2021, a hiring slowdown in late 2022 led to lower business growth than anticipated, necessitating these cuts for long-term sustainability. Alongside the layoffs, the company implemented organization-wide pay adjustments, with leadership taking the largest cuts, and provided severance packages including eight weeks of pay to impacted employees.

Berlin-based quick-commerce startup Dropp has ceased operations after failing to secure new investors, leading to its insolvency. Approximately 60 employees lost their jobs following the company's closure in early 2023. Dropp, which provided a sustainable, white-label delivery service for e-commerce retailers, had been operating for about a year and a half. The difficult market environment for delivery services made investors cautious, and a planned funding round in late 2022 fell through, ultimately forcing the founders to file for insolvency. While the software assets were acquired by luxury delivery startup Arive, the business itself could not be saved, resulting in the layoff of its entire workforce.

Bengaluru-based healthtech startup PhableCare laid off hundreds of employees over several months starting in October 2022, drastically reducing its workforce from over 800 in August 2022 to around 200. This represents a cut of more than 70% of its employees. The layoffs, which affected sales, marketing, product, and tech teams, were driven by a severe cash crunch following a period of high burn rate after a $25 million funding round in March 2022. The company struggled to raise new funds amid a broader funding winter, leading to delayed salaries for months and forcing many employees to depart. The healthtech firm, which reported a significant increase in net losses for FY22, is now seeking a merger or additional funding to survive.

Blackbaud laid off 500 employees representing approximately 14% of its workforce on 2023-02-14.

EMX Digital, an adtech firm owned by Big Village, laid off nearly all of its roughly 100 employees this week following Big Village's Chapter 11 bankruptcy filing. The mass layoffs, which represent close to 100% of the workforce, occurred after private equity owner Lake Capital Partners failed to find a buyer for the company. Former employees expressed shock and anger, as they were not provided severance, unlike those laid off in a previous round last year. The bankruptcy stems from Big Village owing millions to major media companies like Google and NBCUniversal. The layoffs were announced in mid-February 2024, shortly after the departure of Big Village's global CEO, leaving staff feeling abandoned by leadership.

Twilio, a cloud communications software company, announced on Monday that it is laying off approximately 1,500 employees, which represents about 17% of its workforce based on its reported total of 8,992 employees as of September 2022. This marks the second round of significant job cuts for the tech firm, following a previous reduction of around 11% in September as part of an ongoing restructuring effort. CEO Jeff Lawson stated that the layoffs are necessary to reorganize the company into two more efficient business units—Twilio Data & Applications and Twilio Communications—and to address the company having grown "too big," particularly in its communications segment. The move reflects broader trends of workforce reductions across the technology industry in recent months.

PetLove, a Brazilian pet-focused e-commerce and services platform, laid off 94 employees on Monday, February 13, 2023. This reduction affected over 6% of its workforce, which totaled approximately 1,500 people, and impacted departments including marketing, product design, and software engineering. The company cited a challenging macroeconomic environment as the reason, stating the layoffs were part of a restructuring to integrate business areas, seek synergies, and reallocate investments toward higher-value projects. Having started 23 years ago, PetLove expanded into a subscription model and made several acquisitions, aiming to build a comprehensive online pet ecosystem. The company reported revenues exceeding R$1 billion in 2022 and had previously raised significant funding during the pandemic from investors like SoftBank.

Casavo, a European proptech company, announced on February 13, 2023, that it is laying off approximately 30% of its workforce. This difficult decision was communicated by CEO Giorgio Tinacci as a necessary step to strengthen the company's foundations amid a challenging market. The layoffs are driven by a downturn in the residential real estate market due to rising interest rates and inflation, alongside a cautious investment climate for tech companies, making external funding unreliable. To ensure long-term success, Casavo is focusing on achieving financial self-sustainability, moving away from dependence on additional capital. The company, which operates a next-generation residential marketplace, is adjusting its team size to navigate these economic headwinds and continue its mission of transforming how people buy and sell homes.

Roomba maker iRobot is laying off approximately 85 employees, representing about 7% of its workforce of 1,254. Announced in February 2023, these cuts are part of a broader effort to reduce costs amid challenging market conditions, including muted orders and a $84.1 million loss in the fourth quarter. This follows a previous round of layoffs in August 2022 and occurs while the company awaits regulatory approval for its $1.7 billion acquisition by Amazon. The move aligns iRobot with other tech firms trimming staff due to economic pressures like rising interest rates and slowing consumer demand.

Foodpanda, a major food delivery platform in Asia, recently conducted a significant round of layoffs affecting employees across several markets. While the exact number of employees impacted has not been officially disclosed, reports indicate the cuts are part of a broader restructuring effort by its parent company, Delivery Hero, aimed at improving operational efficiency and profitability. The layoffs, which occurred in early 2024, primarily targeted roles in various corporate functions. As a large-scale global player in the competitive food delivery and quick-commerce industry, this move reflects ongoing challenges and consolidation within the sector as companies strive for sustainable growth.

Collective Health, a healthcare technology company, laid off 54 employees in a workforce reduction. The layoffs were announced by CEO Ali Diab, who expressed gratitude for the impacted colleagues and highlighted their alignment with company values. While the exact percentage of the workforce affected and the total employee count were not specified in the announcement, the move reflects broader adjustments within the company. The industry is health tech, and the event occurred as part of the company's strategic restructuring efforts.

Getir, the European speedy grocery giant, is preparing for a new round of layoffs in its UK office following its merger with rival Gorillas. This move, expected in early 2023, is part of the integration process to eliminate overlapping roles after the two companies, which offered similar services in many of the same locations, combined in a deal valuing the entity at $10 billion. While the exact number of UK layoffs is undisclosed, it is anticipated to be smaller than the drastic cuts in 2022, when Getir reduced its global workforce by 14% (4,400 employees) amid a market downturn. The industry-wide challenges in the rapid grocery delivery sector continue to drive these cost-cutting measures as the merged company seeks to prove the deal's value to investors.

Electric laid off 141 employees representing approximately 25% of its workforce on 2023-02-13.