Layoff Events

On July 1, 2022, Teleport, a cybersecurity infrastructure company, laid off 15 employees, representing just over 6% of its 230-person workforce. CEO Ev Kontsevoy cited the need to increase efficiency amid changing economic conditions and macroeconomic headwinds. The reductions primarily affected the Sales, Customer Support, and in-house recruiting teams as part of a strategic realignment to focus resources on core growth areas. Despite the layoffs, Teleport emphasized it remains well-capitalized, is not in a hiring freeze, and continues to innovate, offering severance and healthcare benefits to those impacted.

WanderJaunt, a San Francisco-based short-term rental property management startup, ceased all operations on June 30, 2022, citing adverse economic conditions. The closure resulted in approximately 85 employees being laid off, effectively the entire workforce. Founded in 2016, the company had raised over $25 million in venture capital and operated in eight U.S. markets, managing properties for travelers and homeowners. A recorded message informed customers of the shutdown, advising those with future bookings to seek refunds directly through their booking platforms or credit card companies. This marked a full wind-down for the venture-backed hospitality firm.

Electric-vehicle startup Canoo has laid off 58 employees this year, representing about 6% of its roughly 940-person workforce, as it approaches its vehicle production deadline. The cuts, confirmed by the company, affected departments such as talent acquisition, marketing, and engineering, with the company stating it's a strategic move to reallocate resources toward manufacturing and production roles. Amid relocating its headquarters to Arkansas and aiming to start production of its lifestyle vehicles this year, Canoo faces uncertainty, with potential delays in its Arkansas and Oklahoma production timelines and ongoing hiring efforts despite the layoffs.

Stream, a company in the technology industry, has laid off a portion of its workforce. The exact number of employees affected and the percentage relative to the total employee count are not specified in the available information. The layoffs appear to be part of a broader restructuring or strategic adjustment, though the specific reason and context are not detailed. The date of the event is also not provided. As a technology firm, Stream operates at a scale that supports its platform services, but further details on company size are unavailable. This move reflects ongoing challenges or shifts within the tech sector.

Nate laid off 30 employees representing approximately 20% of its workforce on 2022-06-30.

Sundae, a San Francisco-based real estate technology startup, laid off 15% of its workforce in mid-June 2022. While the exact number of affected employees wasn't disclosed, the company had approximately 180 employees as of July 2021, suggesting around 27 people were let go. The layoffs primarily impacted staff in the company's newest markets. CEO Josh Stech cited the need to ensure the company's long-term future, acknowledging "slower than expected growth" in late 2021. Despite recently expanding to 20 markets and having raised significant venture capital, the fast-growing proptech firm made this difficult decision to adjust its operations amid changing market conditions.

Gavelytics, a seven-year-old legal tech startup specializing in litigation analytics, is shutting down on June 30, resulting in layoffs for its entire team. The company, which had raised a total of $5.7 million in funding, was unable to secure sufficient financing to continue operations despite its innovative products and client base that included major law firms and insurance companies. Founder and CEO Rick Merrill cited the inability to grow the business fast enough as the primary reason for the closure. The company, which pioneered state court analytics and expanded to cover multiple states and millions of litigation briefs, will cease operations, marking the end of its efforts in the legal technology industry.

Finleap Connect laid off 14 employees representing approximately 10% of its workforce on 2022-06-30.

Stash Financial laid off 40 employees representing approximately 8% of its workforce on 2022-06-30.

In June 2022, cybersecurity company Snyk laid off approximately 5% of its global workforce as part of organizational restructuring aimed at improving operational efficiency and balancing profitability with growth amid economic headwinds. The layoffs followed a period of rapid expansion where the company tripled its team size and acquired multiple companies. Snyk, which provides a developer security platform, stated the changes were necessary to sharpen focus, better meet customer needs, and ensure long-term success in a shifting market environment.

Enjoy Technology, a Palo Alto-based mobile retail startup founded by former Apple executive Ron Johnson, has filed for Chapter 11 bankruptcy and is laying off over 400 employees in the U.K., representing about 18% of its workforce. The company, which went public via a SPAC merger less than a year ago, cited a rapidly declining cash position that left it unable to cover operating expenses like payroll. Enjoy, which had raised significant venture funding, is selling itself to Asurion LLC and plans to continue operating during bankruptcy proceedings. This situation reflects broader challenges among companies that went public through SPACs, with many facing delisting risks due to low stock prices.

Abra laid off 12 employees representing approximately 5% of its workforce on 2022-06-30.

Unity laid off 200 employees representing approximately 4% of its workforce on 2022-06-29.

Parallel Wireless laid off 60 employees on 2022-06-29.

Qumulo laid off 80 employees representing approximately 19% of its workforce on 2022-06-29.

Toppr, an edtech startup owned by BYJU'S, laid off over 350 employees in late June 2022, following its acquisition by the larger company. The layoffs primarily affected content and media teams, including subject experts and developers, as BYJU'S restructured and aligned business lines post-acquisition. Employees were asked to resign by June 29 or face termination, with severance including notice pay and additional compensation. This move occurred shortly after layoffs at another BYJU'S subsidiary, WhiteHat Jr, reflecting broader adjustments in the edtech industry amid shifting business priorities.

Australian neobank Volt, a challenger in the financial technology sector, has been forced to close and return its banking license after failing to secure the necessary capital to scale its operations. The company, which had around 6,000 customers, is now urging them to withdraw their funds as it winds down. This shutdown, announced in late June 2022, follows a similar fate for other Australian neobanks like Xinja, highlighting the significant capital-raising challenges faced by new entrants trying to compete with the country's established banking oligopoly. Volt's CEO cited tough global economic conditions and an immature local venture capital landscape as key reasons for its inability to continue.

Baton laid off 16 employees representing approximately 25% of its workforce on 2022-06-29.

In June 2022, online interior design startup Modsy ceased its core design services, resulting in layoffs, particularly among its design team, and disrupting customer orders. While the exact number of employees affected wasn't disclosed, the cuts followed a failed acquisition deal. The company, which had operated for seven years, pivoted its focus to developing a SaaS platform called Modsy Pro, a software service aimed at professional interior designers. This shift marked a significant strategic change from its original consumer-facing model of AI-powered virtual room design and furniture sales.

Substack laid off 13 employees representing approximately 14% of its workforce on 2022-06-29.

HomeLight, a real estate technology company, announced a workforce reduction to ensure its long-term financial sustainability and ability to operate independently. The layoffs, which occurred today, are part of a broader effort to scale the business responsibly. While the exact number of employees affected and the total company size were not disclosed in the post, the company emphasized providing severance, healthcare, and job support to those impacted. HomeLight expressed gratitude for the departing team members' contributions to its mission of simplifying real estate.

Degreed, an enterprise learning platform company, announced a difficult workforce reduction. While the exact number of employees laid off was not specified in the CEO's statement, the decision was made to refocus the organization on future opportunities, necessitating a change in how work is done. The layoffs occurred on the date of the post, approximately three years ago. The company, operating in the EdTech industry, expressed deep respect for the impacted colleagues and committed to supporting their transition, with the CEO emphasizing a strong belief in Degreed's future despite the challenging restructuring.

Gurugram-based EV mobility startup Oye Rickshaw laid off 40 employees earlier this month, representing 20% of its 200-person workforce, amid a market downturn and mounting losses. The company, backed by Matrix Partners, cited the need to ensure stability and restructure teams across verticals. Sources indicate the layoffs primarily affected the struggling 'Ride business'—an e-rickshaw aggregator service that has been difficult to scale due to challenges with driver adoption of the app. The startup is reportedly considering winding down this segment while continuing its delivery and battery swapping operations. This move reflects broader pressures in the Indian startup ecosystem, where over 10,000 employees have been laid off in 2022.

Property manager AvantStay, a short-term rental company in the travel industry with around 600 employees, confirmed a net reduction of 19 staff over the past month. This resulted from 43 job cuts, which the company described as part of a "gradual reorganization" rather than traditional layoffs, offset by some hiring during the period. The announcement was made on a Friday, indicating the changes occurred within the prior 30 days.

Online car retailer Clutch has laid off 76 employees, representing about 22% of its workforce, as part of a strategic move to slow growth and extend its financial runway amid challenging market conditions. The layoffs, which occurred on June 14, reduced the company's headcount from approximately 340 to between 260 and 270 people. CEO Dan Park cited the need to prepare for a prolonged period of economic uncertainty, influenced by broader tech industry trends and guidance from investors like Sequoia Capital. This Canadian tech startup, which secured a $100 million Series B in 2021, aims to ensure stability for the next 24 months by cutting costs and limiting hiring, despite remaining well-capitalized.

Niantic laid off 85 employees representing approximately 8% of its workforce on 2022-06-29.

WhiteHat Jr, a children's coding platform owned by Indian edtech giant Byju's, has laid off approximately 300 employees globally in late June 2022. This workforce reduction is part of a broader "realignment" of business priorities by the parent company, Byju's, which cited a need to optimize teams for long-term growth. The layoffs occur amid a significant market downturn affecting the global and Indian startup ecosystem, particularly in the edtech and consumer tech sectors, where numerous companies have recently cut jobs. This move reflects the challenging investment climate and ongoing corrections within the industry.

Bright Machines laid off 30 employees representing approximately 8% of its workforce on 2022-06-28.

In June 2022, the employee wellness startup Nova Benefits, based in Bengaluru, laid off approximately 30% of its workforce as part of a restructuring effort amid a tepid funding climate. While the exact number was not officially confirmed, the company had around 200 employees at the time, suggesting about 60 individuals were affected. This move occurred while Nova was in talks to raise a new funding round of around $30 million. The layoffs, which included a prior round letting go of about a dozen employees, reflect a broader trend of workforce reductions across early-stage Indian startups during that period, as companies adjusted to challenging market conditions.

HealthMatch, an Australian health tech startup, laid off 18 employees, representing 50% of its global workforce, as confirmed by founder Manuri Gunawardena on Tuesday. The clinical trials platform, which has raised $18 million from investors including Square Peg, made the difficult decision due to punishing market conditions, including investor concerns over inflation and interest rates that have smashed growth company valuations. To conserve cash and navigate a bleak funding horizon over the next 12-24 months, the company reduced staff, aiming to ensure its survival and continued operations, including its recent launch in the US. This move reflects a broader trend of Australian startups cutting staff to delay fundraising and accelerate profitability amid a tough economic climate.

Cryptocurrency exchange Huobi Global is planning significant layoffs, potentially cutting over 30% of its workforce, which translates to at least 300 employees out of a total exceeding 1,000. This restructuring, reported in June 2022, is a direct response to a sharp decline in revenue following China's comprehensive ban on crypto trading. The company had been phasing out services for Chinese users since September 2021, with complete access revoked by the end of that year. As a major Seychelles-based exchange, Huobi cited the need to realign its manpower with operational needs amid the challenging market downturn affecting the broader crypto industry.

In June 2022, Egyptian healthtech startup Vezeeta, which operates across the Middle East and Africa, laid off approximately 10% of its workforce, affecting around 50 employees out of a total of nearly 500. The company, which had evolved from an "Uber for Ambulance" model to a subscription-based doctor booking platform serving 10 million patients, did not publicly state a reason for the cuts. However, the layoffs occurred amid a broader trend of workforce reductions in the tech sector, including other healthtech firms globally, as startups adjusted to shifting market conditions and venture capital landscapes. Vezeeta had previously raised significant funding, including a $40 million Series D round in 2020, and was considered a promising "soonicorn" in the region.

In November 2022, StockX conducted its second round of layoffs within four months, affecting under 80 employees, which represents about five percent of its workforce. The Detroit-based sneaker and streetwear resale marketplace cited the challenges of scaling its business amid a struggling global economy as the reason for the cuts. All impacted employees held corporate roles and received severance packages along with extended benefits. Despite this restructuring, StockX noted it would continue hiring in certain areas, such as brand reputation and customer support, entering its peak season. This followed a larger layoff in June 2022, when eight percent of employees were let go.

Tesla laid off nearly 200 employees from its Autopilot team, who were involved in training the company's AI, as part of a restructuring effort.

Cue laid off 170 employees on 2022-06-27.

AppLovin laid off 300 employees representing approximately 12% of its workforce on 2022-06-27.

SafeGraph, a geospatial data company, has laid off approximately 25% of its workforce as part of a broader effort to reduce cash burn and extend its financial runway. The decision, made in the context of a challenging economic environment for tech companies, was described as incredibly difficult by leadership, who emphasized the talent and dedication of the affected employees. The layoffs reflect a strategic shift to conserve capital, as the company aims to position itself to act on future growth opportunities when market conditions improve. This move highlights the broader deflationary pressures within the tech industry, where companies are prioritizing financial sustainability.

UiPath, a leading provider of automation software, is laying off approximately 5% of its workforce, affecting about 210 employees out of a total of 4,200 as of April 30, 2022. The company's board approved the restructuring on June 24, 2023, with most cuts expected by the end of July, aiming to increase profits and streamline its go-to-market organization. This move, estimated to cost $15 million in severance, reflects a strategic shift toward sustained, profitable growth under new senior management, despite recent positive earnings. The layoffs are not attributed to market conditions but to internal prioritization for higher sales productivity and better market segmentation.

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B2B ecommerce unicorn Udaan has laid off around 180 employees as part of cost-cutting measures to enhance efficiency and achieve sustainable growth, confirmed in June 2023. While the company stated the layoffs affected approximately 180 staff, some sources suggest the number could be as high as 600. Founded in 2016 and based in Bengaluru, Udaan operates as a major platform connecting SMEs, wholesalers, and retailers across India, with a network spanning 900 cities. The layoffs follow a $250 million debt funding round raised just six months prior, highlighting the ongoing adjustments in the competitive Indian startup landscape to refine cost structures and pursue profitability.

In June 2022, fintech unicorn Amount laid off 18% of its workforce, affecting approximately 72 employees based on its reported total of 400 staff. The company, valued at over $1 billion in 2021 and spun out from online lender Avant, cited the challenging macroeconomic environment as the reason for these proactive adjustments to ensure long-term health. Operating in the enterprise software sector for banking, Amount helps financial institutions digitize their infrastructure rapidly. Despite significant funding and partnerships with major banks, the firm took this step to navigate economic uncertainties and sustain future growth.

Postscript, a marketing automation platform for e-commerce brands, laid off approximately 20 employees in January 2024, representing about 10% of its workforce at the time. The company, operating in the competitive SaaS and e-commerce technology industry, cited a strategic restructuring to improve operational efficiency and focus on long-term profitability. This move was part of a broader trend of workforce adjustments in the tech sector as companies navigated economic uncertainties.

Bestow laid off 41 employees representing approximately 14% of its workforce on 2022-06-24.

Sunday laid off 90 employees representing approximately 23% of its workforce on 2022-06-24.

Give Legacy on 2022-06-24.

Bitpanda laid off 270 employees representing approximately 27% of its workforce on 2022-06-24.

Ethos Life laid off 40 employees representing approximately 12% of its workforce on 2022-06-24.

In June 2022, text message marketing startup Voyage SMS laid off eight employees, representing over 10% of its roughly 60-person workforce. The cuts included the chief operating officer and affected the full-time sales department and some contractors. CEO Rev Reddy cited the challenging macroeconomic climate and a shift in strategy toward growth efficiency as key reasons. The Santa Monica-based company, which had recently raised $10 million and acquired a rival, faced indirect pressure as consumer discretionary spending on ecommerce declined amid rising inflation, impacting its business integrated with platforms like Shopify.

Israeli-US startup Pipl, a fake profile detection platform, laid off 22 employees on June 23, 2022, affecting operations, sales, maintenance, and customer service roles. This represents about 13% of its workforce of 160-170 employees. The layoffs are part of a strategic shift toward full automation of its product, which helps social networks like Twitter identify fake profiles. Concurrently, Pipl is hiring 50 new employees in development, product, data, and automation fields to support this transition. The company, founded in 2005 and profitable with $19 million in funding, expects sales to remain stable or even increase following the launch of its automated ranking product.

Orchard, a real estate technology company, laid off 10% of its workforce due to mounting economic uncertainty and a challenging market climate. The decision, announced in a LinkedIn post, was described as one of the hardest the business has made, aimed at ensuring the company has sufficient runway to continue its mission. While the exact number of employees affected wasn't specified beyond the 10% figure, the company expressed deep gratitude for their contributions and committed to supporting them, including by sharing a list of impacted employees open to new opportunities.