Layoff Events

German software startup Xentral, backed by major investors like Sequoia and Tiger Global, has laid off approximately 10% of its workforce, affecting around 20 employees out of a total of 200. The Augsburg-based company, which provides ERP systems for e-commerce and mid-sized businesses, announced the cuts in December 2022, citing slower-than-expected growth and the need to refocus on its core SME customer base amid broader economic challenges. The restructuring primarily impacted sales and marketing teams as Xentral adjusts its go-to-market strategy, despite having raised about €100 million and serving around 1,800 clients, including larger names like Porsche and About You.

PharmEasy, an Indian e-pharmacy and health tech startup, has conducted another round of layoffs, affecting employees primarily from product technology, quality analytics, and support teams, as well as technology and design. The layoffs occurred between November 29 and December 1, with the company citing reasons such as restructuring, macroeconomic challenges, and the impact of the Russia-Ukraine war. While the exact number of affected employees was not independently verified, reports indicate the startup is letting go of hundreds as part of a cost-saving drive amid a severe funding crunch. PharmEasy, which has faced difficulties raising capital, shelved its IPO plans earlier and is grappling with mounting losses, reflecting broader pressures in the tech startup industry.

Israeli mobile gaming company Playtika is laying off approximately 600 employees, representing 12% to 15% of its global workforce of 4,100, as part of a second round of downsizing in 2022. This includes 180 layoffs in Israel. The company, which expanded significantly during the pandemic, is now restructuring amid challenges in maintaining growth post-Covid, with its casino game revenues declining and share price dropping 54% since the start of the year. The layoffs were reported in December 2022, following an earlier round in June, as Playtika aims to streamline operations despite remaining profitable and cash-rich.

In December 2022, UK-based e-commerce technology startup Primer laid off approximately 85 employees, representing about one-third of its total workforce. The company, which had raised $50 million at a $425 million valuation the previous year, undertook this significant restructuring to adjust to shifting market conditions and extend its financial runway. The layoffs were driven by a major cooling in e-commerce activity following the pandemic boom, as consumer spending decreased amid global economic uncertainty and rising inflation. This move reflects a broader industry trend where companies that expanded rapidly during the peak of COVID-19 are now retrenching to navigate a more challenging economic environment.

C2FO laid off 20 employees representing approximately 2% of its workforce on 2022-12-09.

Australian cryptocurrency exchange Digital Surge collapsed into voluntary administration in early December 2022, effectively suspending accounts for its approximately 30,000 customers and halting all withdrawals and trading. The collapse, part of a wider industry crisis following the failure of major global exchange FTX, led to the appointment of administrators KordaMentha to seek a rescue package. Founded in 2017, the exchange had offered trading in over 300 cryptocurrencies but succumbed to the severe market downturn that saw Bitcoin lose over 60% of its value during the year.

Brodmann17, an Israeli computer vision startup in the automotive technology industry, shut down in December 2022 after six years of operation. The company, which developed a lightweight, software-based computer vision system for advanced driver assistance systems (ADAS), was unable to bring its products to the mass market despite proving its technology and having customer demand. Founded by deep learning specialists, the startup aimed to compete in a market dominated by Mobileye by focusing on a "blue ocean" strategy of efficient software that could run on low-end vehicle processors. The closure resulted in the layoff of its entire workforce, as the company ceased operations.

Brazilian healthtech company Alice conducted a new round of layoffs on December 8, 2022, dismissing 113 employees, which represents 16% of its total workforce. This cut affected all areas of the company and follows a previous layoff of 63 sales professionals just five months earlier. The company stated the restructuring aims to generate efficiency and adapt to a challenging global macroeconomic environment impacting tech firms. As a prominent startup that had raised a $127 million Series C round, Alice is shifting its strategy from aggressive growth to focusing on product evolution for its 11,000 members, ensuring long-term sustainability despite the difficult decision.

OneFootball laid off 62 employees representing approximately 12% of its workforce on 2022-12-09.

ZenLedger representing approximately 10% of its workforce on 2022-12-09.

In December 2022, the carsharing provider Share Now, a joint venture originally formed by BMW and Daimler and later acquired by Stellantis, announced significant layoffs. Following its sale by the German automakers, the company planned a major workforce reduction, initially targeting 36% of its then over 450 employees, which would have meant at least 150 job cuts. However, after negotiations, the final number was reduced to fewer than 50 layoffs in Germany. The restructuring aims to achieve profitability after years of substantial losses, as Stellantis integrates Share Now with its existing Free2Move service to strengthen its position in the European mobility market.

In December 2022, Israeli cybersecurity unicorn Armis laid off 25 employees, representing about 3.5% of its 670-person workforce. The company, which had raised $300 million at a $3.4 billion valuation the previous year, stated the layoffs were part of a streamlining process and adjustments to its work plan. Armis cited the need to shift budgets between departments and prepare for a potential future economic slowdown, even while reporting strong demand and expecting to double its revenue that year. This move was positioned as a strategic step to build a leading global cybersecurity company for the long term.

Nerdy representing approximately 17% of its workforce on 2022-12-08.

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On December 8, 2022, Brazilian mobility startup Buser laid off approximately 160 employees, representing 30% of its total workforce. The company cited the need to adapt to a challenging macroeconomic environment and "the new reality of the market" as primary reasons. Additionally, Buser pointed to slow regulatory progress and selective enforcement actions by authorities, which it claims have created additional operational costs and hindered its collaborative charter bus model. The layoffs, which began that morning, affected all areas of the company equally. This move reflects broader pressures within the startup sector, as Buser, backed by investors like SoftBank, sought to streamline its operations amidst a difficult business and regulatory landscape.

Airtable, a no-code software company last valued at $11 billion, laid off approximately 254 employees on December 8, 2022, affecting about 20% of its workforce. The cuts impacted teams including business development and engineering, as the company shifts its strategy from a bottoms-up product to focusing on connected apps for larger enterprises. This move, part of broader 2022 tech industry layoffs driven by economic concerns, coincided with the departure of its chief revenue officer, chief people officer, and chief product officer. Affected employees were offered at least 16 weeks of severance, accelerated equity vesting, and immigration support.

Lenovo on 2022-12-08.

Inscripta laid off 43 employees on 2022-12-08.

Blue Apron representing approximately 10% of its workforce on 2022-12-08.

In December 2022, Chrono24, a major online luxury watch marketplace, announced layoffs affecting up to 80 employees at its subsidiary "Zeitauktion" in Chemnitz-Rabenstein, Germany. The company later clarified that 42 employees would actually be let go. This decision followed Chrono24's acquisition of the pre-owned watch dealer Zeitauktion three years prior, an expansion move intended to create synergies and establish a large European watch workshop. However, the integration failed to deliver the expected benefits, leading to the job cuts as part of a strategic pullback. The layoffs were communicated abruptly just before Christmas, causing significant uncertainty among the workforce. Chrono24 stated it would attempt to retain or reassign as many employees as possible, while the future of the Chemnitz location remains unclear.

Vanta representing approximately 14% of its workforce on 2022-12-08.

FireHydrant, a company focused on software reliability, has undergone a restructuring that resulted in layoffs affecting several employees. While the exact number of impacted individuals and the total workforce size were not disclosed in the announcement, the company described the decision as difficult and part of a major organizational change. The layoffs were announced via a LinkedIn post, with the company expressing hope that other organizations would hire the affected talented professionals and offering an alumni directory to facilitate their job search. The event highlights ongoing adjustments within the tech industry.

Israeli autotech company Otonomo is laying off approximately 80 employees, representing almost 50% of its remaining workforce, as announced in December 2022. This marks the company's second major round of layoffs in 2022, following earlier cuts in August. The layoffs affect teams across Israel, the U.S., and Europe, including the entire group from the acquired startup Neura, as well as sales, marketing, and product staff. Facing severe financial challenges, Otonomo has lost over 95% of its market value since its SPAC merger at a $1.26 billion valuation. The company, which operates a data marketplace for connected vehicles, cited the need for significant restructuring to navigate difficult market conditions.

TechTarget laid off 60 employees representing approximately 5% of its workforce on 2022-12-08.

Israeli cybersecurity startup CyCognito has laid off approximately 30 employees, representing about 15% of its workforce of around 185 people. The layoffs, announced in December 2022, affect staff in both Israel and the U.S., with an estimated half of the impacted roles based in Israel. Co-founder Dima Potekhin cited the need to reduce cash burn and prepare for an anticipated difficult recession as the primary reasons, aiming to avoid raising new capital during the market downturn. This move comes just one year after the company secured a $100 million Series C funding round at an $800 million valuation.

Glints, a talent recruitment and career development platform in the tech industry, conducted a layoff affecting an unspecified number of its employees. The exact scale, percentage, and precise date of the workforce reduction were not detailed in the available report. The company, which operates regionally in Southeast Asia, likely undertook this restructuring to optimize operations amid broader market adjustments.

Food delivery giant Swiggy is laying off approximately 250 employees, representing about 3-5% of its total workforce. The cuts, reported in late 2022, impact roles across supply chain, operations, customer service, and technology. This performance-related restructuring occurs as Swiggy faces intense competition, with rival Zomato holding a 55% market share. The company is also taking steps to reduce costs and cash burn, including scaling back its quick commerce expansion. These layoffs are part of a broader trend in the Indian foodtech and startup industry, which saw significant workforce reductions that year.

Bakkt representing approximately 15% of its workforce on 2022-12-08.

Commercial real estate finance startup Lev laid off approximately 30 employees last week, representing less than 30% of its workforce, as part of a broader industry trend. The company, which operates a digital lending platform and had raised significant funding, made these cuts primarily within its sales and operations teams. CEO Yaakov Zar cited over-hiring in anticipation of stronger 2023 growth, which now seems unlikely due to rising interest rates slowing CRE financing. The layoffs occurred in early December 2022, amid widespread cutbacks in both the technology and real estate sectors.

Motive laid off 237 employees representing approximately 6% of its workforce on 2022-12-07.

On December 7, 2022, the software company Relativity laid off 150 employees. The Chicago-based firm, which specializes in legal technology and e-discovery software, cited a need to restructure and adapt to changing market conditions as the reason for the workforce reduction. While the exact total number of employees and the percentage affected were not disclosed in the report, this move reflects broader adjustments within the tech industry during a period of economic uncertainty.

Sayurbox, an Indonesian online grocery delivery startup, laid off an unspecified number of employees in early 2024 as part of a restructuring effort to achieve profitability. The company, operating in the competitive e-commerce and food tech industry, cited a strategic shift to focus on core business efficiency. While exact figures regarding the total workforce and the percentage affected were not publicly disclosed, the move reflects broader challenges and consolidation within the tech startup sector, particularly among companies scaling back after a period of rapid growth.

Recur Forever laid off 235 employees on 2022-12-07.

Fintech decacorn Plaid announced layoffs of 260 employees, representing 20% of its workforce, on December 7, 2022. CEO Zach Perret stated the company had hired aggressively during the COVID-19 pandemic amid rapid customer growth and revenue acceleration. However, macroeconomic shifts led to slower-than-expected growth among its customers, causing Plaid's cost growth to outpace revenue. The layoffs affected teams across the company, with recruiting and engineering among those impacted. Departing employees received 16 weeks of base pay severance, extended healthcare coverage, accelerated equity vesting, and career support services.

Voi, the Swedish micromobility company, laid off approximately 35 employees in November 2023 as part of a strategic restructuring to accelerate its path to profitability. This reduction affected around 7% of its workforce, which was reported to be about 500 people at the time. The decision was driven by a need to streamline operations and reduce costs amid a challenging economic environment for the tech and shared transport industry. Voi, a prominent player in the European e-scooter and e-bike rental market, stated the move would help focus resources on core markets and sustainable growth.

Indian edtech company Vedantu has laid off 385 employees in its fourth round of job cuts this year, bringing its total workforce reductions to over 1,100 in 2022. Following this latest round in December 2022, the company's employee count stands at approximately 3,300. The layoffs, affecting functions like sales, HR, and content, are part of a broader cost-cutting drive as the company seeks a path to profitability. This move reflects industry-wide pressures on Indian edtech firms, where the post-pandemic slowdown in online learning growth and a challenging funding environment have forced austerity measures, including significant layoffs across the sector.

CircleCI representing approximately 17% of its workforce on 2022-12-07.

Lithic laid off 27 employees representing approximately 18% of its workforce on 2022-12-07.

Integral Ad Science laid off 120 employees representing approximately 13% of its workforce on 2022-12-07.

Berlin-based tech rental startup Grover, which achieved unicorn status in early 2022, has laid off at least 40 employees, representing around 10% of its then 460-person workforce. The layoffs, confirmed in December 2022, are part of a restructuring aimed at reaching profitability and refocusing goals for 2023. After rapid growth during the pandemic, the company is shifting from a pure growth focus to a stronger emphasis on financial sustainability. Grover operates a platform for renting electronics like smartphones and gaming consoles across several countries, including Germany and the U.S.

Detectify, a Swedish cybersecurity company, has laid off approximately 20 employees, which represents about 13% of its workforce. The decision, announced in late 2023, was attributed to a strategic restructuring aimed at improving operational efficiency and focusing resources on core product development amid broader market challenges in the tech industry. The company, which provides automated security assessment tools, stated the move was necessary to ensure long-term sustainability and adapt to evolving customer needs in the competitive cybersecurity sector.

Zywave on 2022-12-07.

Houzz, a U.S.-based home design and renovation platform, laid off nearly 100 employees globally in December 2022, representing about 8% of its workforce. The company cited challenging macroeconomic conditions in the home improvement and interior design industry as the reason for the cuts. Following these layoffs, Houzz's total employee count was reduced to approximately 1,100, down from 1,800 in 2019, reflecting a broader trend of workforce trimming over recent years. Founded in 2009 and headquartered in Palo Alto, California, Houzz operates internationally with offices in locations including Tel Aviv, London, Berlin, and Sydney. The company, which has raised significant venture funding, has also postponed plans for an IPO due to market conditions.

Loft laid off 312 employees representing approximately 12% of its workforce on 2022-12-07.

In early November 2022, Nigerian-founded mobility fintech startup Moove dismissed an undisclosed number of employees from its workforce, particularly in its Nigeria offices. The company, which operates globally as a vehicle financing partner for ride-hailing platforms like Uber, stated the actions were not layoffs but terminations due to performance issues and gross misconduct. Moove emphasized a zero-tolerance policy for misconduct, citing potential impacts on customer livelihoods. While the exact number affected remains unknown, the company confirmed a workforce of approximately 400 employees at the time. Affected staff received three months' base salary as a goodwill gesture but were required to sign NDAs and legal waivers. This occurred after Moove raised over $140 million in funding rounds during 2022.

Cannabis-tech firm Weedmaps is laying off up to 175 employees, representing about 25% of its workforce, as the broader cannabis industry faces a significant downturn. The majority of these cuts occurred in early December 2022, following a previous 10% reduction in August. The layoffs come amid a leadership transition, with co-founder Doug Francis serving as interim CEO after Chris Beals stepped down in November. Facing a steep decline in its stock price and market value, the company cited the need to achieve profitability and positive cash flow in 2023. Its clients, cannabis businesses, are reducing spending due to regulatory uncertainty, falling sales, and a tough economic climate.

Stash laid off 32 employees representing approximately 8% of its workforce on 2022-12-06.

In December 2022, African fintech unicorn Chipper Cash laid off approximately 12.5% of its workforce, affecting over 50 employees out of a total of about 400. The layoffs impacted multiple departments, with the engineering team bearing the brunt, accounting for around 60% of the cuts. The company, valued at $2.2 billion in 2021 and operating in the cross-border payments sector across Africa and the U.K., had raised significant funding, including a $150 million extension led by FTX just months prior. This restructuring occurred amid broader market challenges, reflecting strategic adjustments within the high-growth fintech startup.

Intel, the Santa Clara-based semiconductor giant, has initiated layoffs in California, cutting 201 positions as part of a broader effort to reduce costs by up to $10 billion by 2025. The layoffs, set to begin on January 31, affect 111 employees in Folsom and 90 in Santa Clara, where the company is headquartered. While the total number of employees at Intel is not specified in this report, the layoffs represent a small fraction of its global workforce. The company is also implementing a voluntary unpaid leave program for thousands of factory workers worldwide to manage short-term expenses amid an unpredictable economy and a significant decline in net income and sales. This move reflects the challenges in the competitive chip market, with Intel aiming to streamline operations while positioning itself for long-term growth.

Bridgit laid off 13 employees representing approximately 13% of its workforce on 2022-12-06.