Layoff Events

Kavak on 2022-11-18.

In November 2022, the Dublin-based corporate gifting technology company &Open laid off nine employees, representing less than 10% of its global workforce of over 100 people. The job cuts were attributed to ongoing economic uncertainty, prompting the company to exercise caution. As part of the restructuring, the founders and executives also took pay cuts. &Open, founded in 2017, provides a platform for brands to send curated gifts to enhance customer loyalty and retention. The company, which had raised $26 million earlier in 2022 to expand operations, offered affected staff three months' pay in lieu of notice and covered unused leave.

Orchard, a vertically integrated power-buying company in the real estate industry, laid off 180 employees on November 17, 2022, marking its second round of workforce reductions this year. This cut represents approximately 23% of its workforce, leaving about 600 remaining employees. The company cited a severe disruption in the housing market, with mortgage rates rising at an unprecedented pace over the past century, leading to decreased buyer activity and lower industry volume forecasts for 2023. To navigate this uncertainty and ensure long-term sustainability, Orchard implemented these layoffs as part of broader cost-cutting measures, restructuring its teams with significant impacts on mortgage and customer experience departments.

Homepoint laid off 113 employees on 2022-11-17.

Capitolis, an Israeli fintech company, laid off 37 employees in November 2022, representing approximately a quarter of its workforce. Among those affected, 14 were based in Israel. This move was part of a broader wave of layoffs within the high-tech sector, reflecting industry-wide adjustments and economic pressures at the time.

Koho, a Canadian fintech company, is among at least 10 tech firms in Canada that have recently conducted layoffs as the industry braces for a prolonged economic downturn. The company, alongside others like Properly, TealBook, D2L, and League, is cutting staff to reduce costs and extend its financial runway amid challenging market conditions. This trend is driven by a tough fundraising environment, rising interest rates, and inflation, which have forced companies across various sectors to adjust their growth expectations and workforce size. While specific numbers for Koho's layoffs are not detailed in the article, the broader context highlights a significant wave of job cuts in the Canadian tech scene during late 2022, reflecting efforts to navigate uncertain economic times.

TealBook laid off 34 employees representing approximately 19% of its workforce on 2022-11-17.

Streaming platform Roku announced on November 17, 2022, that it will lay off 200 employees in the U.S., representing about 7% of its workforce, which totaled approximately 3,000 full-time employees as of late 2021. The company cited challenging economic conditions, including inflationary pressures and a significant slowdown in advertising spending, as the primary reasons for the restructuring. This move, aimed at reducing operating expenses and focusing on strategic priorities, is part of a broader wave of layoffs across the tech and media industries. Roku expects to incur related charges of $28-31 million, with the process largely completed by early 2023.

Morning Brew, a media company known for its business news and newsletters, laid off approximately 14 employees, representing about 40% of its staff, in early 2024. The layoffs were part of a restructuring effort by its parent company, Insider Inc., aimed at streamlining operations and focusing resources on core business areas. This significant reduction impacted the digital media industry, reflecting broader challenges in the advertising and content landscape. The company, which operates at a mid-sized scale, continues to publish its flagship newsletter and other content following the restructuring.

Juni laid off 72 employees representing approximately 33% of its workforce on 2022-11-17.

Chili Piper, a B2B SaaS company in the revenue operations and scheduling software industry, has laid off 58 employees, referred to internally as "Pipers." This marks the company's first-ever round of layoffs, a decision described as difficult and painful by its founders, Nicolas and Alina. The announcement was made in a LinkedIn post, where the leadership took full responsibility for the circumstances leading to the workforce reduction. While the exact percentage of the total team affected was not specified, the company emphasized its commitment to supporting the departing employees and encouraged the community to help connect them with new job opportunities. The layoffs reflect broader economic challenges impacting the tech startup sector.

D2L, a company specializing in digital learning solutions, announced on November 16, 2022, that it reduced its workforce by approximately 5% as part of a strategic shift to balance growth and profitability amid economic uncertainties. While the exact number of employees affected was not specified, the layoffs reflect the company's focus on navigating the current environment while continuing to invest in product development and client services. D2L is providing severance benefits and transition support to those impacted, emphasizing its commitment to long-term success in the education technology industry.

In November 2022, Israeli web analytics firm SimilarWeb announced a workforce reduction of 10%, laying off 120 employees from its total of 1,250. The company, which provides a platform for measuring and predicting web user behavior, cited a deteriorating economic environment as the reason. CEO Or Offer explained that after rapid growth during the pandemic, anticipated conditions for 2022 had worsened, with inflation, interest rate hikes, and potential recession impacting the global economy. To accelerate its path to positive cash flow in 2023, SimilarWeb adjusted its cost structure, leading to this difficult decision. The layoffs occurred as the company reported a 41% year-over-year revenue increase to $50 million for Q3 2022, alongside a growing operating loss.

Amazon laid off 10,000 employees representing approximately 3% of its workforce on 2022-11-16.

Cisco laid off 4,100 employees representing approximately 5% of its workforce on 2022-11-16.

In a difficult move, real estate technology company Homeward laid off 25% of its workforce. The CEO stated this was a necessary decision to position the company for long-term strength and future growth. While the exact number of employees affected wasn't specified, the layoffs impacted dedicated staff across the organization. Announced in a company post, the leadership emphasized their mission remains unchanged to streamline home buying with innovative financing. They plan to expand offerings and geography in 2023 and provided support for affected employees, including sharing a public list for potential employers.

On November 16, 2022, Irish fintech unicorn Wayflyer laid off 40% of its global workforce, affecting 200 employees. The company, which provides revenue-based financing to ecommerce businesses, admitted it had scaled too aggressively, growing its headcount fivefold in 2021. This rapid expansion, coupled with a challenging macroeconomic environment that has increased lending risks in the ecommerce sector, led to the significant cuts. The layoffs were part of an effort to strengthen the company's financial position after it achieved unicorn status earlier in the year.

In November 2022, Kenya's B2B e-commerce and food distribution platform Twiga laid off 211 full-time employees, representing 21% of its workforce of over 1,000. The layoffs were part of a restructuring that eliminated the company's in-house sales team as a cost-cutting measure. Affected trade development representatives were offered the option to transition into independent sales agents working on a commission basis, aligning with a new optimized sales program. The agritech company, which connects farmers and manufacturers to retailers, stated the move was made in compliance with labor laws and aims to create entrepreneurial opportunities while controlling operational expenses.

Hopin, a virtual event management platform, conducted its third round of layoffs in 2022, cutting an additional 17% of its workforce in November. This followed a previous reduction of 29% earlier in the summer, affecting senior roles including the VP of product and head of data science. The layoffs are part of a broader company transformation and coincide with new product launches, as the tech industry adjusts post-pandemic. The exact number of employees affected and the total company size were not specified in the available content.

Dance, a micromobility startup focused on creating more livable cities, has laid off 16% of its team due to the uncertain economic climate. The company's CEO, Eric Quidenus-Wahlforss, announced the difficult decision, emphasizing a shift toward a more cost-conscious approach to sustain their mission. While the exact number of affected employees wasn't specified, the move reflects broader industry challenges. The company plans to support impacted team members by sharing an alumni list to aid their job search.

Kite, an AI-powered coding assistant startup, ceased operations in November 2021 after failing to achieve sustainable monetization. The company, which had grown to 500,000 monthly active developers without significant marketing, ultimately could not convert its user base into paying customers, as individual developers were unwilling to pay and managers did not see enough value in marginal productivity gains. Additionally, the founders acknowledged being ahead of the market, with AI technology not yet advanced enough to deliver the transformative 10x improvement needed. The entire team was laid off as the company wound down, marking the end of its seven-year journey from 2014 to 2021.

Salsify laid off 90 employees representing approximately 11% of its workforce on 2022-11-16.

Tel Aviv-based marketing technology unicorn Yotpo laid off 70 employees in November 2022, representing about 9% of its then 825-person workforce. The company, which provides e-commerce marketing solutions like reviews and SMS marketing, had aggressively expanded its team after securing a $230 million funding round at a $1.4 billion valuation in March 2021. However, citing a downturn in the global economy and a need to streamline operations, Yotpo made the difficult decision to reduce its headcount, with 30 of the layoffs occurring in its Israeli headquarters.

Infogrid on 2022-11-16.

Pear Therapeutics laid off 59 employees representing approximately 22% of its workforce on 2022-11-16.

Lokalise, a localization and translation software company, announced a significant workforce reduction on November 16, 2022. The company laid off 76 employees, representing 23% of its team. This decision was driven by a combination of a slowing global economy, which led to reduced customer spending, and internal strategic missteps. The founders acknowledged they had hired too rapidly, integrating 200 new members unsustainably, and pursued too many initiatives at once, losing operational focus. While most departments were affected, the Operations, Sales, and Marketing teams saw the deepest cuts, with Product and Engineering being least impacted to maintain development priorities.

Rubicon Technologies representing approximately 11% of its workforce on 2022-11-15.

Tencent on 2022-11-15.

The Zebra laid off 50 employees on 2022-11-15.

In November 2022, Vancouver-based insurtech company Apollo Insurance laid off approximately 25% of its staff across various departments. The cuts were attributed to a "renewed focus" for the organization after the business failed to meet its revenue targets for the year. Co-founder David Dyck stated the changes were intended to improve coverage and pricing to achieve a more sustainable business model, while emphasizing that technology and product offerings would not be reduced. The company, backed by investors like Liberty Mutual, Definity, and Trisura, planned to continue investing in technology and introduce new capabilities for brokers despite the workforce reduction.

Asana, a work management software company, announced a significant reduction in its global workforce. The layoffs affected a number of employees, described as exceptionally talented and mission-driven individuals. While the exact number of impacted employees is not specified in this post, the announcement reflects a difficult decision made by the company's leadership. The context suggests this is part of broader industry adjustments, as evidenced by the supportive comments from the professional community offering job connections and hiring alerts. The company expressed deep gratitude to the departing employees and reaffirmed its commitment to its customers and partners.

Nirvana Money, a fintech startup, has laid off approximately 20 employees, which represents about 25% of its total workforce of 80. The layoffs, occurring in early 2024, are part of a strategic restructuring aimed at extending the company's financial runway and refocusing on core product development amid challenging market conditions in the financial technology sector.

Messaging app Rakuten Viber has laid off 45 employees, representing 8% of its global workforce of 550 people. This marks the first significant round of cutbacks since the company's founding 12 years ago. Announced in November 2022, the layoffs are part of a strategic refocus to invest more heavily in developing its fintech and utility products, following the launch of payment features earlier that year. The company, which operates in the consumer technology and messaging industry and boasts 250 million users, stated the decision was essential to adapt to changing market conditions and shift from being just a messaging app to a broader service platform. Approximately 20 of the affected employees were based in Israel.

Czech startup Productboard laid off 100 employees, representing 20% of its workforce, in November 2022. The company, a product management platform provider valued as a unicorn, cited the deteriorating macroeconomic environment and reduced corporate demand for new software as reasons for the difficult decision. Despite raising significant funding earlier that year and maintaining healthy finances, the founders proactively reduced costs to prepare for anticipated tougher times ahead.

Whispir, a cloud-based communications technology company, is laying off 30% of its workforce to accelerate its path to cashflow breakeven and achieve millions in annual savings. The job cuts, announced in mid-November 2022, were welcomed by investors, leading to a more than 40% surge in its share price. The company, which had faced balance sheet concerns, is restructuring to improve its financial sustainability in the competitive tech industry.

In November 2022, the cloud data backup unicorn OwnBackup laid off over 170 employees, representing approximately 17% of its then workforce of about 1,000 people. The cuts affected staff in both its U.S. operations and its Israeli R&D center. This restructuring occurred within the broader tech industry downturn of 2022, impacting the cybersecurity and SaaS backup sector. OwnBackup, which had achieved a $3.35 billion valuation in 2021, is a venture-backed company providing data protection services to thousands of businesses globally.

Protocol, a tech-news website, is shutting down and laying off its entire staff. The closure was announced on November 15, 2022, resulting in the termination of all employees. While the exact number of affected staff is not specified, the complete shutdown indicates a 100% reduction. The decision reflects broader challenges in the digital media industry, where many outlets have struggled with profitability and sustainability. As a specialized publication in the journalism and media sector, Protocol's closure marks the end of its operations, with its parent company, CNN, confirming the news.

Deliveroo Australia, a food delivery service, ceased all operations and entered voluntary administration on November 16, 2022, effectively laying off its entire local workforce. This sudden exit from the Australian market resulted in the redundancy of approximately 120 direct employees and left 15,000 independent delivery riders without work. The company, which had operated in Australia since 2015, cited challenging economic conditions and an unsustainable market position. Despite a pandemic-driven surge in demand, Deliveroo fell behind major competitors like Uber Eats, Menulog, and DoorDash, concluding that achieving market leadership would require disproportionate investment with uncertain returns. The administration also impacted over 12,000 partner restaurants and an unknown number of customers, marking a full wind-down of its local business.

Properly, a Canadian real estate technology startup, laid off 71 employees on November 15, 2022, as part of a significant restructuring. The company's CEO cited a rapid deterioration in the Canadian housing market and a shift in startup funding conditions, which forced the company to scale back from its previous aggressive growth plans. The layoffs were a direct result of over-expansion during a more favorable market period in 2021. Properly, which operates as a modern, full-service brokerage, provided affected staff with severance, extended benefits, and career support.

Outside representing approximately 12% of its workforce on 2022-11-15.

UiPath laid off 241 employees representing approximately 6% of its workforce on 2022-11-15.

German website builder Jimdo has laid off approximately 50 employees, representing 16% of its workforce, which stood at 320 as of July 2022. The layoffs, effective immediately in November 2022, affect all departments and include positions outside Germany. CEO Matthias Henze cited an expected business downturn and a looming recession, explaining that the company's core customer base of small businesses is reporting declining revenues and cutting expenses, including on Jimdo's services. This follows a previous round of marketing team reductions in July. The Hamburg-based software company, which provides DIY website and online shop solutions, is restructuring to navigate potential economic turbulence.

Oatly, the Swedish oat milk company, announced plans for job cuts in November 2022 as investor sentiment soured. The plant-based food producer, which had grown rapidly following its IPO, faced mounting pressure to improve its financial performance and streamline operations amid a challenging market environment. While the exact number of employees affected was not immediately disclosed in the initial report, the layoffs were part of a broader restructuring effort aimed at reducing costs and refocusing the business. The move highlighted the growing pains within the competitive alternative dairy industry as companies adjusted to shifting consumer demand and investor expectations for profitability.

OfferUp representing approximately 19% of its workforce on 2022-11-15.

Sema4 laid off 500 employees on 2022-11-14.

Pipedrive laid off 143 employees representing approximately 15% of its workforce on 2022-11-14.

Cloudinary, an Israeli unicorn in the media asset management platform industry, laid off approximately 40 employees, representing 8% of its global workforce, in November 2022. The company, which had grown to around 500 employees, cited a restructuring effort to streamline operations and focus on maximizing value for clients across its product lines. This move followed a period of rapid expansion, including 30% workforce growth in the first half of 2022, reaching $100 million in annual recurring revenue, and an acquisition. Despite being bootstrapped since its founding and recently securing a $110 million secondary investment at a $2 billion valuation, Cloudinary made these cuts to adjust its organizational structure amid broader market shifts.

Intercom, the Irish-founded software company, announced on November 14, 2022, that it is reducing its global workforce by 13%, affecting 124 employees worldwide. In Ireland specifically, 39 jobs are being cut, representing a 5% reduction in its Irish headcount. This follows a previous smaller round of layoffs in September due to slower growth. The company, which has its global headquarters in San Francisco and a substantial operation in Dublin, stated the cuts will impact all departments and geographies. As part of a restructuring, Intercom is also relocating 14 roles from the US to Dublin, reaffirming its commitment to Ireland as its hub of innovation. This move aligns with a broader trend of workforce reductions in the tech industry during that period.

Cardlytics, a digital advertising platform company, announced on November 14, 2022, that it would terminate 51 employees. This workforce reduction occurred as the company underwent strategic changes, including the sale of its Bridg assets to PAR Technology. While the exact percentage of total employees affected was not specified in the announcement, the layoffs were part of a broader restructuring effort. Concurrently, the company appointed John Balen as Chairman. Following the news, the company's shares traded higher in after-hours trading.

Pear Therapeutics laid off 59 employees representing approximately 22% of its workforce on 2022-11-14.