Layoff Events

Lyst, a UK-based fashion e-commerce marketplace, is laying off approximately 50 employees, representing 25% of its staff, as part of a restructuring effort to conserve cash flow and move toward profitability. The layoffs, confirmed in November 2022, come after the company raised funding at a $700 million valuation in 2021 and had previously planned for an IPO. The shift reflects broader challenges in the e-commerce sector, where online sales growth has slowed as consumers returned to in-store shopping, prompting the startup to adjust its financial strategy under new CEO Emma McFerran.

Bitso laid off 100 employees on 2022-11-29.

Inspectify on 2022-11-28.

In November 2022, the global chat-based direct hiring platform Hirect, which connects startups with job seekers, laid off approximately 40% of its workforce, affecting around 200 employees. This reduction was part of an organizational restructuring and a strategic shift in its business model, as stated by co-founder and CEO Raj Das. The layoffs reflect broader challenges in the startup ecosystem, where a slowdown in hiring—following a pandemic-era boom fueled by cheap capital—has particularly impacted companies like Hirect that specialize in startup recruitment. At the time, Hirect had around 472 employees, down from a peak of 600. The company, based in Bengaluru and San Francisco and operating in the HR tech industry, faced criticism from affected employees who reported delays in receiving severance pay and relieving letters after being asked to resign in mid-October.

ApplyBoard laid off 90 employees representing approximately 6% of its workforce on 2022-11-28.

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FutureLearn on 2022-11-28.

NCX, a climate tech company operating a forest carbon marketplace, has laid off 40% of its workforce. The decision, announced today, was driven by persistent confusion and turbulence in the carbon market, which saw a reversal in consensus on quality standards for nature-based solutions in 2022, contrary to the company's expectations. While acknowledging broader economic pressures affecting tech firms, NCX stated the layoffs were necessary to ensure it can execute its mission of creating measurable climate impact at scale during this critical decade. The company, founded over a decade ago, expressed deep regret over parting with its talented team of foresters, scientists, and engineers and is providing severance and outplacement support to affected employees.

Infarm laid off 500 employees representing approximately 50% of its workforce on 2022-11-28.

ResearchGate, a professional network for scientists and researchers, has laid off 10% of its workforce due to economic challenges affecting the tech industry. The company's CEO, Ijad Madisch, announced this difficult decision, emphasizing it was necessary to restructure and focus on key growth areas for future success. While the exact number of affected employees wasn't specified, the reduction reflects broader industry pressures, aiming to streamline operations while continuing to support the scientific community.

Ajaib, a prominent Indonesian online stock trading platform, conducted a round of layoffs in early 2023, affecting approximately 10% of its workforce. The company, which operates in the competitive fintech industry, cited a strategic restructuring to enhance operational efficiency and navigate global economic uncertainties as the primary reasons for the workforce reduction. This move reflects broader trends in the tech and startup sectors, where companies are adjusting their growth strategies in response to shifting market conditions.

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Spora Health, a Bay Area healthcare startup founded in 2019 to address racial disparities in healthcare, laid off its entire workforce and effectively shut down operations in late 2022. The company, which had raised $4.1 million in funding and was previously reported to be serving a small patient base, faced significant struggles despite its founder's public claims of rapid growth and partnerships with large enterprises. The layoffs occurred following internal challenges, contrasting sharply with the optimistic portrayal of expansion and serving "thousands" of patients. This event highlights the difficulties faced by health-tech startups in scaling their mission-driven models.

Ledn on 2022-11-28.

Wildlife Studios, the mobile gaming company behind titles like Tennis Clash and Zooba, has laid off nearly 300 employees, primarily from its studios in Brazil and Argentina. This significant reduction, described by staff as "massive," represents a strategic shift as the company cancels all initiatives outside the mobile game space to refocus on core game development. The layoffs, announced recently, affected a wide range of roles including engineering, art, design, and data science. Despite this contraction, Wildlife has been actively expanding through new studio investments in locations like Helsinki and Stockholm, indicating a reallocation of resources within the competitive mobile gaming industry.

Change Invest representing approximately 24% of its workforce on 2022-11-27.

Zilch on 2022-11-26.

In November 2022, VerSe Innovation, the Indian startup behind apps like Dailyhunt and Josh, laid off 150 employees, representing 5% of its 3,000-strong workforce. The company, valued at $5 billion and backed by investors including Google and Microsoft, also implemented an 11% salary cut for remaining staff earning above a certain threshold. This restructuring was driven by a challenging economic climate and a severe downturn in the advertising market, which significantly impacted the consumer tech industry. Despite raising over $800 million earlier that year, the startup took these measures to streamline costs and ensure long-term business viability.

Carwow laid off 70 employees representing approximately 20% of its workforce on 2022-11-25.

Nigerian food procurement startup Vendease laid off 27 employees, representing 9% of its nearly 300-strong workforce, in late November 2022. The company stated the decision was performance-based and not due to the broader economic climate, noting it had tripled its staff and grown revenue fivefold over the previous year. After placing affected employees on improvement plans for months, Vendease offered severance packages. The layoffs occurred despite the company having raised a $30 million Series A round just two months prior to expand its operations across Nigeria and Ghana.

Nigerian cryptocurrency exchange Quidax laid off 20 employees in November 2022, representing 20% of its workforce of just over 100 people. The company cited unfavorable macroeconomic conditions and the need to proactively position itself for a potential market downturn as reasons for the reduction. This move followed earlier cost-cutting measures, including temporary salary reductions. Quidax, founded in 2017, operates in the fintech and cryptocurrency industry and stated the layoffs were unrelated to the contemporaneous FTX bankruptcy. Affected employees were offered a severance package and transition support.

Utopia Music, a Switzerland-headquartered music technology company, has conducted significant layoffs within its global workforce, primarily affecting its central team, including high-level executives, and its tech-focused employees. The company, which employs approximately 1,200 people globally (including contractors and around 800 employees), cited the need to optimize its business and realize cost synergies following rapid growth over two years, including 15 acquisitions. The layoffs, announced on November 24, 2022, are part of a broader trend of job cuts in the tech-leaning music industry, as the company shifts focus toward sustainable growth and its mission of "Fair Pay for Every Play."

Menulog, the Australian food delivery service owned by Amsterdam-based Just Eat Takeaway.com, has cut a small number of jobs at its Sydney head office as part of a global cost-cutting and restructuring effort. While the exact number of layoffs was not disclosed, the company described it as a reduction in management and support roles to improve operational efficiency. This move reflects broader challenges in the food delivery sector, which is shifting focus from pandemic-era growth to profitability amid investor pressure. The layoffs occurred in late 2023, following similar contractions by rivals like Deliveroo and Voly in Australia. Menulog, with a significant market share and 16 years of operation in the region, aims to maintain its position as a sustainable business despite industry-wide adjustments.

Lemon, a cryptocurrency startup, laid off 38% of its workforce in Argentina and Brazil in November 2022. The decision, announced by co-founder and CEO Marcelo Cavazzoli, was driven by a challenging market environment characterized by falling crypto prices, reduced venture capital funding, and the broader industry downturn. Cavazzoli emphasized the move was a strategic step to make the company more sustainable and less dependent on future funding rounds, aiming to ensure agility during a prolonged bear market. He clarified that the layoffs were unrelated to the collapse of FTX, though Lemon had previously withdrawn user funds from the platform as a precaution. The restructuring reflects the intense pressures faced by crypto startups during this period of industry consolidation.

Toronto-based rapid local commerce delivery startup GoodGood has ceased operations entirely, resulting in layoffs for all 60 of its employees. The company, which operated in the quick commerce and food delivery industry, announced its shutdown on November 21, 2023, after failing to secure additional funding. Founded in 2021 and having raised a $6.5 million CAD seed round, GoodGood built a network of cafés and delivery services in downtown Toronto. The startup cited a severe downturn in venture capital availability, coupled with high interest rates, inflation, and a looming recession, as the primary reasons for its closure. This reflects broader challenges in the rapid delivery sector, where even larger players have scaled back. The company is assisting its retail-focused staff in finding new positions at other local businesses.

SWVL, a Dubai-based mass transit and mobility services provider, has conducted a second round of layoffs, cutting 50% of its remaining workforce in November 2022. This follows an earlier reduction six months prior, where over 400 employees (32% of the workforce) were let go. After these cuts, the company's headcount dropped from over 900 to just over 450 employees. The layoffs, affecting teams in Dubai and Pakistan, are part of a broader effort to achieve positive cash flow and reevaluate operations in smaller markets, with reports indicating a complete shutdown in Pakistan. The company, which expanded rapidly through acquisitions across 20 markets, is now scaling back due to economic challenges and overexpansion.

Assure representing approximately 100% of its workforce on 2022-11-23.

Muni Tienda representing approximately 100% of its workforce on 2022-11-23.

Flash Coffee, a Singapore-headquartered tech-enabled coffee chain backed by Rocket Internet, conducted region-wide layoffs in November 2022, affecting staff in markets including Singapore and Indonesia. The exact number of employees impacted and the percentage of its workforce remain undisclosed, as the company did not comment on the retrenchments. This move occurred amid a weakening economic climate, positioning Flash Coffee among other startups resorting to staff cuts. The chain, known for its vibrant kiosks, had rapidly expanded to over 250 outlets across seven countries within two years, fueled by significant venture capital investment.

On November 10, 2022, Zenvia, a communications technology company, conducted a significant layoff affecting its subsidiary Movidesk, a helpdesk solutions provider it acquired the previous year. Approximately 118 employees were dismissed, primarily from Movidesk, impacting nearly all departments including HR, finance, and controlling. This reduction represented about 9% of Zenvia's total workforce. The layoffs, executed via videoconference, were attributed to redundancies following the acquisition integration, a challenging global economic climate, and cost-cutting measures aimed at preserving cash and improving EBITDA. The move was described as part of a broader restructuring effort within the tech industry.

Western Digital laid off 251 employees on 2022-11-22.

Israeli fintech company Rapyd is laying off dozens of employees in the coming months, following its acquisition and merger with Icelandic company Valitor. The downsizing comes as the Tel Aviv-based digital payments platform integrates operations after completing the delayed $100 million Valitor deal, which added about 300 employees globally. Rapyd, valued at $8.75 billion in 2021 and operating in the competitive fintech sector alongside players like Stripe and PayPal, is restructuring its workforce as part of planning for 2023-2024. The layoffs, announced in November 2022, affect various teams and management levels, reflecting post-merger consolidation in the high-growth tech industry.

Reynen Court, a legal technology company known as the "app store of law," is implementing layoffs and reducing expenses amid economic challenges. While the exact number of employees affected hasn't been disclosed, at least two staff members have publicly announced their departures. The company, which has raised over $20 million in venture funding, is cutting costs after discontinuing an online stock offering due to unfavorable market conditions. CEO Andrew D. Klein emphasized that Reynen Court is not shutting down but is instead seeking new investment to navigate the downturn. As a result, vendor services may experience delays, and the vendor portal has been temporarily suspended. Founded in 2017 with backing from major law firms, the company aims to simplify cloud-based technology adoption for legal professionals.

SIRCLO laid off 160 employees representing approximately 8% of its workforce on 2022-11-22.

Trax, the Israeli-Singaporean retail technology company, laid off 80 employees in November 2022, representing approximately 8% of its workforce of 900 employees and 100 subcontractors. The layoffs affected both its global operations and its Israeli branch, which employed 200 people, at a similar proportion. The company, which develops technology for consumer goods manufacturers and retail chains, did not publicly disclose the specific reasons for this workforce reduction.

Natera on 2022-11-22.

In Q4 2022, African e-commerce giant Jumia laid off over 900 employees, representing 20% of its total staff, as part of a major restructuring effort to streamline operations and reduce losses. The cuts included a 60% reduction in managerial roles in Dubai, with remaining staff relocating to African offices. Under new acting CEO Francis Dufay, the company aimed to bring leadership closer to its core markets in Africa. These layoffs, alongside exiting non-core businesses like Jumia Prime and scaling back logistics and grocery services, contributed to a 30% monthly savings in staff costs. Jumia targeted halving its losses, aiming to end 2023 with $100-120 million in losses, down from $207 million in 2022.

GloriFi representing approximately 100% of its workforce on 2022-11-21.

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Kitopi laid off 93 employees representing approximately 10% of its workforce on 2022-11-21.

Zomato, the Gurugram-based food delivery and restaurant aggregator, has initiated layoffs impacting at least 100 employees, which represents about 4% of its workforce. The job cuts, reported in November 2022, are part of a cost-cutting effort to steer the company toward profitability amid a broader funding crunch affecting Indian startups. The layoffs have affected roles across product, technology, catalogue, and marketing departments, particularly those deemed redundant, while supply chain roles were spared. This move follows a series of high-level executive departures and the discontinuation of Zomato's food delivery service in the UAE, reflecting a period of strategic restructuring for the company.

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Splyt, a technology company, is laying off 57 employees, placing them at risk of redundancy. The layoffs were announced by the founder, who cited a failure to secure necessary funding in a rapidly changed economic environment as the primary reason. This difficult decision comes after the company pursued a growth-over-profit strategy during the pandemic and later explored various funding options, including investment and acquisition. The founder expressed deep regret and takes full responsibility, stating the company will now return to its core business. The announcement was made with a commitment to supporting the affected staff during the transition.

Unchained Capital, a bitcoin-native financial services company, has laid off an unspecified number of employees as part of a restructuring to navigate a turbulent market environment. The decision, announced in late 2022, was driven by materially constrained funding for bitcoin-backed loans following the collapse of several major lenders and exchanges in the cryptocurrency industry. While the exact scale of the layoffs relative to total staff was not disclosed, the company emphasized its strong financial position and record growth in clients and trading volumes, attributing its resilience to a focus on self-custody and eliminating counterparty risk. This move is a strategic adjustment to ensure long-term stability amid widespread industry turmoil.

In November 2022, autonomous delivery startup Nuro laid off approximately 300 employees, representing 20% of its workforce. The company, backed by major investors like SoftBank and Google, cited the need to preserve cash amid challenging economic conditions. Co-founders attributed the cuts to over-hiring during the strong fundraising environment of 2021, which clashed with the economic headwinds of 2022. This restructuring followed a period of rapid growth, including a $600 million funding round a year prior that had valued Nuro at around $8.6 billion.

Synthego laid off 105 employees representing approximately 20% of its workforce on 2022-11-18.

Carvana laid off 1,500 employees representing approximately 8% of its workforce on 2022-11-18.

StoryBlocks, a stock media and video content company, recently underwent a significant restructuring, resulting in substantial layoffs. While the exact number of employees let go was not publicly disclosed in the CEO's announcement, the reduction was described as deep and impactful, affecting many strong performers. The decision was made to realign company expenses and focus on a narrower set of priorities. This difficult workforce reduction occurred in late 2023, marking a challenging period for the company, which has been in operation for over a decade. The layoffs have affected the team's morale, but leadership expressed confidence in moving forward.

Fintech firm Capitolis is laying off 25% of its workforce due to depressed market conditions that have stifled growth in its recently launched capital marketplace unit, which connects institutional investors with banks. The layoffs, announced in November 2022, include senior figures such as co-head of equity finance James Kibbe and other leaders in the capital marketplace business. The cuts reflect broader challenges in the financial technology sector as market volatility impacts new ventures.

Metaplex, the Solana-based NFT protocol, is laying off an unspecified number of employees following the collapse of FTX in November 2022. While the company's treasury was not directly impacted, the broader market turmoil and the significant drop in Solana's native token SOL—a favorite network of FTX's founder—have pressured the NFT ecosystem. The layoffs come amid a prolonged crypto bear market, declining NFT sales on Solana, and the underperformance of Metaplex's governance token MPLX. The company, which raised $46 million in early 2022, is navigating these challenges as the industry grapples with the fallout from major crypto failures.