Layoff Events

Sami, a Brazilian healthtech startup, has laid off approximately 75 employees, representing about 14% of its 550-person workforce. The layoffs, conducted via video calls, are a response to what the company describes as an "extremely high" monthly cash burn of R$7.5 million. Founder Victor Asseituno confirmed the cuts, stating the company is under pressure from venture capital funds to achieve breakeven and find a path to business sustainability. This move reflects a broader shift in the venture capital market, where the focus has pivoted from aggressive growth to cost reduction and profitability. Sami, which raised R$111 million just six months prior and grew sixfold in the past year, joins a growing list of startups, including unicorns like Quinto Andar and Loft, conducting layoffs amid a global downturn in VC liquidity.

Cryptocurrency exchange Coinbase is laying off approximately 1,100 employees, which represents 18% of its full-time workforce of about 5,000. Announced via an employee email in June 2022, the drastic cuts are attributed to preparing for a potential recession and a looming "crypto winter," which could severely reduce trading activity. CEO Brian Armstrong stated the company grew too rapidly during the bull market, leading to unsustainable costs, and emphasized the need to manage its burn rate. This move follows a hiring pause and a significant decline in the company's stock price, reflecting broader turmoil in the crypto industry.

Hunty laid off 30 employees on 2022-06-14.

Redfin laid off 470 employees representing approximately 8% of its workforce on 2022-06-14.

TIFIN laid off 24 employees representing approximately 10% of its workforce on 2022-06-14.

In June 2022, Singapore-based e-commerce giant Shopee, the online retail arm of Sea Group, initiated layoffs across multiple Southeast Asian markets. The company, facing significant financial headwinds as rising inflation weakened consumer spending, moved to rationalize its operations. While the exact number of affected employees was not specified in the report, the cuts were part of a broader effort to control costs, which included a hiring freeze, as the unprofitable startup navigated a challenging economic climate.

Compass laid off 450 employees representing approximately 10% of its workforce on 2022-06-14.

Desktop Metal representing approximately 12% of its workforce on 2022-06-13.

Automox, a cybersecurity software company, conducted a layoff in 2023, parting ways with a number of talented employees. The company cited the challenging broader economic climate and macroeconomic environment as the reason, stating that while it remains a growing business in a strong financial position, it is not immune to these external pressures. The exact number of employees affected and the percentage of the workforce were not disclosed in the announcement. The post expressed appreciation for the contributions of those impacted and encouraged the professional community to help them find new opportunities.

Wave Sports and Entertainment, a Santa Monica-based sports media startup, laid off 56 employees in June 2022, representing about one-third of its staff and reducing its workforce to 110 people. The company cited worsening economic conditions and a need to focus on core areas like storytelling and league partnerships, with most cuts coming from supporting functions. This restructuring occurred just months after the company raised a $27 million Series B round in February, with backing from investors and star athletes. WSE produces digital sports content for platforms like Snap and TikTok, reaching over 115 million followers globally.

BlockFi, a cryptocurrency lending platform, announced on June 13, 2022, that it had secured a $400 million revolving credit facility and a potential acquisition option from FTX US, totaling up to $680 million. This move came in response to significant crypto market volatility, including the fallout from Celsius and Three Arrows Capital (3AC), which led to increased client withdrawals and approximately $80 million in losses for BlockFi from its exposure to 3AC. The company emphasized that these losses were absorbed internally without impacting client funds. The deal aims to bolster liquidity and protect client assets, reflecting BlockFi's commitment to maintaining stability amid industry turbulence.

Freetrade's media division AltFi is shutting down after a decade, resulting in layoffs for its entire staff. The closure, announced by the company, comes after 18 months of severe headwinds, despite strong journalism and a loyal brand following in the fintech news sector. This marks the end of its role covering the UK fintech industry's growth and challenger brands.

Houston-based IT automation company Liongard has laid off an unspecified number of employees this week, a decision CEO Joe Alapat described as the most difficult he has made at the company. Citing a challenging market for technology companies and a strategic shift toward prioritizing profitability, the layoffs are part of organizational changes aimed at building a more resilient business. While the exact scale of the reduction is not disclosed, the move reflects broader industry pressures as the firm, which serves the MSP community, adjusts its plans based on market and investor feedback.

Keepe on 2022-06-10.

In June 2022, the Brazilian healthtech startup Sanar laid off at least 60 employees, representing approximately 13% of its total workforce. The company, which operates a medical education platform for healthcare professionals, cited market volatility and macroeconomic uncertainty as reasons for the restructuring, aiming to improve internal efficiency. The layoffs, conducted via brief meetings, came as a surprise to staff who had valued the company's previously transparent and friendly work culture. Affected roles spanned multiple departments including marketing, design, and recruitment.

New Delhi-based SaaS logistics startup FarEye has laid off approximately 250 employees this week, impacting staff across its global offices in India, North America, and Europe. The layoffs, which affected around one-third of its workforce of over 750, were attributed to organizational restructuring amid softening market conditions. Employees from various departments, including product, engineering, sales, and talent acquisition, were informed individually and asked to leave promptly, though the company committed to providing two months' salary as severance. This move comes nearly a year after FarEye raised $100 million in a Series E funding round, reflecting broader challenges in the startup ecosystem where Indian companies have seen significant workforce reductions in 2022.

Berlin Brands Group (BBG), a German e-commerce company that acquires and scales online brands, laid off nearly 100 employees in June 2022, representing about 10% of its workforce. The cuts primarily affected staff in Germany and were driven by a market slowdown following the pandemic e-commerce boom. Founder Peter Chaljawski cited a "deep break in the market," with rising costs and weakened growth prompting a strategic shift from aggressive expansion to securing profitability. The company, which reported over €400 million in revenue in 2021 and had raised significant funding earlier that year, implemented these layoffs as part of broader cost-reduction efforts amid declining industry growth.

Albert laid off 20 employees representing approximately 8% of its workforce on 2022-06-10.

Ziroom representing approximately 20% of its workforce on 2022-06-10.

Stitch Fix, an online personal styling service, announced layoffs on Thursday, cutting 15% of its salaried workforce, which amounts to approximately 330 employees. This represents about 4% of the company's total workforce. The move is part of a cost-cutting effort to address challenges such as high inflation, reduced consumer demand, and rising expenses in supply chain, marketing, and labor. The company expects to save $40 million to $60 million in fiscal year 2023 from these cuts, while also forecasting a revenue decline of up to 15% for the fourth quarter. CEO Elizabeth Spaulding stated the decision aims to position Stitch Fix for profitable growth amid ongoing struggles to attract new users. The layoffs primarily affect corporate and styling leadership roles, reflecting broader trends in the tech and retail sectors as companies adjust to post-pandemic economic shifts.

Convoy laid off 90 employees representing approximately 7% of its workforce on 2022-06-09.

German fintech startup Trade Republic, a neobroker with around 700 employees, conducted layoffs in June 2022 as part of a restructuring effort. While the exact number of affected employees was not disclosed, the company announced it would maintain its workforce size around 700, indicating a targeted reduction. The layoffs, influenced by a shifting market environment and rising interest rates that impacted tech valuations, were aimed at refocusing on core product development. Despite a recent €250 million funding round led by investor Sequoia, which had urged portfolio companies to cut costs, Trade Republic planned to continue hiring in certain areas while trimming teams like data science. The move reflected broader trends in the fintech industry, where peers like Klarna and PayPal also faced cuts.

Swedish online fashion retailer Boozt has announced a workforce reduction, laying off approximately 150 employees. This represents about 15% of its total workforce, which stands around 1,000 people. The decision, made in early 2024, is part of a strategic restructuring aimed at improving efficiency and adapting to a challenging market environment in the e-commerce and retail industry. As a mid-sized company, Boozt is implementing these changes to streamline operations and ensure long-term competitiveness.

Stashaway, a Singapore-based digital wealth management platform, laid off 31 employees in June 2023, representing approximately 14% of its workforce at the time. The fintech company cited a strategic restructuring to enhance operational efficiency and focus on core business priorities amid challenging global economic conditions. This reduction affected teams across various functions as part of efforts to streamline operations and ensure long-term sustainability in the competitive financial technology industry.

Media creator economy startup Jellysmack laid off 8% of its workforce on Thursday, June 9, 2022, as part of a broader restructuring. The cuts, which affected several departments, reduced the team size to just over 1,000 employees. The company cited anticipated short-term declines in ad spending due to macroeconomic volatility as the primary reason, aligning with wider tech sector concerns. As part of the restructuring, Jellysmack plans to cease commercial operations in Italy, Germany, and the Netherlands, and curb marketing investments to focus on sustainable growth areas for its creator partners. The well-funded startup, backed by investors like SoftBank, operates in the creator economy industry, specializing in redistributing creator content for ad revenue.

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Starship Technologies, a leader in autonomous delivery robots, announced on June 9, 2022, that it is reducing its workforce by 11% as part of internal changes to navigate the challenging global macroeconomic environment. The company is closing select service locations in the U.S. and Germany over the next two months, impacting staff both at those sites and the corporate level. This restructuring aims to focus on cost savings and improving profitability by concentrating on markets with a strong merchant mix and customer base that align with near-term financial goals. Despite recent funding of nearly $100 million earlier in the year, Starship, like many tech startups, is adapting to shifts in the economy and investment landscape to sustain its long-term success in the autonomous delivery industry.

The Grommet laid off 40 employees representing approximately 100% of its workforce on 2022-06-09.

Daniel Wellington, a Swedish watch and jewelry brand, laid off approximately 50 employees in early 2023, representing around 10% of its workforce at the time. The restructuring was part of a strategic shift to streamline operations and adapt to changing market conditions in the consumer goods and retail industry. As a mid-sized global company, the move aimed to enhance efficiency amid economic pressures and evolving consumer trends.

Memmo, a Swedish video message platform, laid off approximately 30 employees in May 2023, representing around 15% of its workforce at the time. The company, operating in the creator economy and digital services industry, cited a need to restructure and extend its financial runway amid broader market challenges. This reduction was part of a strategic shift to focus on core operations and ensure long-term sustainability.

Truepill, a digital health and pharmacy fulfillment platform, announced layoffs impacting approximately 15% of its workforce on June 8, 2022. The company's CEO cited a need to adapt to shifting market conditions and achieve long-term sustainable growth and profitability. While not disclosing exact figures, the reduction reflects a strategic shift toward greater financial discipline, despite the company's continued belief in its mission and platform value. The move underscores broader adjustments within the healthcare technology sector as companies navigate economic changes.

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Mexican startup Kavak, Latin America's largest unicorn, has laid off at least 150 employees across its operations in Rio de Janeiro and São Paulo, its key markets in Brazil, with cuts occurring since March 2022. The layoffs, affecting roles from mechanics and inspections to content and operations, are attributed to underperformance in its used car buying and selling business. In Rio alone, recent dismissals reached around 100, including 40-50 at its Nova América location, which had 150-180 staff. This downsizing contrasts with earlier expansion plans, such as investing R$550 million and hiring 1,000 employees in Rio by year-end, signaling a strategic pullback amid operational challenges in the competitive automotive retail industry.

Propzy, a Vietnamese real estate technology startup, laid off approximately 50% of its workforce in June 2022, affecting around 300 employees. This significant reduction was part of a restructuring effort amid challenging market conditions and a strategic shift to focus on core, profitable business segments. The company, which operates in the competitive proptech industry, had scaled rapidly but faced pressures common to the startup ecosystem, leading to this difficult downsizing decision to ensure long-term sustainability.

In September 2022, UK-based used car marketplace Cazoo announced its complete exit from the European Union, resulting in an additional 750 layoffs. Combined with 750 job cuts announced in June, this brought the total to 1,500 employees laid off in 2022, representing 30% of its workforce. The company, which had expanded into the EU earlier in the year, cited a strategic review and mounting financial losses—reporting £243 million in losses for the first half of 2022. By withdrawing from Germany, Spain, France, and Italy to focus solely on the UK market, Cazoo aims to achieve significant cost savings and accelerate its path to profitability amid challenging macroeconomic conditions, including inflation and supply chain issues.

Lummo, an Indonesia-headquartered SaaS startup backed by Jeff Bezos and Sequoia Capital, laid off approximately 50-60 employees from its Bengaluru office in early June 2022. This followed earlier layoffs of 100-120 employees in Jakarta. The company, which had around 500 total employees across both locations, cited reasons including role redundancy, restructuring, and cost-cutting to extend its financial runway. Affected staff, primarily in engineering and product roles, were notified via direct email, with the company offering severance pay and assistance in finding new opportunities. These cuts reflect broader challenges and strategic shifts within the tech startup ecosystem.

Gold loan fintech platform Rupeek laid off over 180 employees in June 2022, representing 10-15% of its workforce of over 1,200. The company cited a subdued macroeconomic environment and the need to recalibrate strategy, reduce costs, and create a leaner organization to ensure sustenance and growth. This move marked one of the first significant layoffs in the fintech sector amid a challenging funding winter. Despite reporting strong growth and a $1 billion annual disbursement run rate, Rupeek undertook this restructuring to align its workforce with revised strategic plans, acknowledging the difficulty of the decision while committing to support affected employees.

Clearco, a Canadian fintech startup providing capital to e-commerce businesses, has laid off a portion of its staff in Dublin, Ireland. The cuts, reported to be around 10% of the local team, affect a hub that had 75 employees just months prior. This move comes only three months after the company entered the Irish market with a pledge to invest €100 million and hire 125 people there. Clearco attributed the layoffs to a shifting global economic landscape, citing macroeconomic headwinds like inflation, supply chain issues, and the war in Ukraine. The company confirmed these cuts are isolated to its Dublin operations and stated it still plans to hire more staff there later this year. This restructuring occurs alongside Clearco's recent expansion into Germany, where it has pledged a €500 million investment.

Sendoso, a SoftBank-backed marketing and corporate gifting startup, laid off approximately 100 employees on Monday, June 6, 2022, representing about 14% of its then 700-person workforce. The cuts affected staff across business units in the United States and Ireland. The company cited market volatility, global crises impacting the tech sector, and the need to adjust operations as reasons for the reduction. This move occurred amid a broader wave of tech industry downsizing, where falling valuations and tightening venture capital have forced many startups to cut costs. Sendoso had recently raised a $100 million Series C round led by SoftBank in September 2021 and was in the process of relocating its headquarters from San Francisco to Phoenix.

Cybersecurity firm Deep Instinct, a New York-based AI-driven malware prevention company founded in 2015, conducted layoffs this week, affecting employees primarily in sales and business development roles. The exact number of employees let go and the percentage of the workforce impacted remain undisclosed, but the cuts occurred on Monday amid a broader trend of tech industry downsizing in 2023. Deep Instinct, which has raised over $259 million in venture funding, including a $67 million Series D in 2021, is the latest tech company to adjust its staffing in response to shifting macroeconomic conditions, following a record year for venture funding and hiring in 2022.

Dutchie laid off 50 employees representing approximately 7% of its workforce on 2022-06-06.

Mumbai-based edtech unicorn Eruditus, backed by SoftBank, has laid off 40 employees as part of a broader workforce reduction. This move, carried out over the past month, is part of a trend where the company is scaling back hiring significantly, planning to add only 100-150 new hires this year compared to 1,300 in the previous 12 months. Consequently, the talent acquisition team was halved, with 15 members let go from a team of 30. In total, 80 employees have recently departed, with half leaving voluntarily. The layoffs are aimed at optimizing costs and steering toward profitability amid a cautious funding environment, even though Eruditus has substantial financial reserves, including a recent $350 million debt raise. The company partners with top global business schools to offer executive education programs.

Tesla announced layoffs on June 3, 2022, cutting 10% of its salaried workforce, which translates to nearly 10,000 employees based on its global headcount of 99,290 at the end of 2021. CEO Elon Musk cited overstaffing and a "super bad feeling" about the economy as reasons, while clarifying that production workers would not be affected and hourly staffing would increase. The news triggered an 8-9% drop in Tesla's stock and drew a pointed response from President Joe Biden, who contrasted the cuts with investments by Ford and Stellantis in electric vehicles. As a major player in the automotive and clean energy industry, Tesla's move reflects broader economic uncertainties and strategic adjustments in scaling its operations.

Superhuman, a premium email app startup backed by Tiger Global, laid off 22% of its workforce, affecting 23 employees, on June 3, 2022. This reduction comes just a month after the company launched its long-awaited integration with Microsoft Outlook, a move aimed at expanding its user base beyond Gmail. Despite raising $126 million and reaching an $825 million valuation, the company is part of a broader wave of tech layoffs driven by shifting venture capital investment and efforts to control spending. The layoffs raise questions about the immediate impact of the Outlook launch, though Superhuman offered affected staff severance and support services.

Afterverse, a gaming company under Movile (owner of iFood), laid off approximately 60 employees on June 3, 2022, representing about 20% of its then 270-person workforce. The layoffs are attributed to global market conditions and internal strategic realignments, as the company reprioritizes initiatives. This move places Afterverse among numerous tech startups in Brazil, such as Mercado Bitcoin and VTEX, that are reducing staff amid a challenging investment climate. The company, known for games like PK XD and Crafty Lands, is focusing on reaching profitability and scaling its operations, having recently hired UBS to seek a strategic partner.

Clubhouse on 2022-06-03.

5B Solar representing approximately 25% of its workforce on 2022-06-03.

Food52, a food and home goods publisher, laid off 21 employees on Thursday, representing about 15% of its total staff. This marks the company's second round of cuts in two months, following 20 layoffs in April attributed to internal reorganization. The latest reductions primarily affected the editorial team, which now has 15 members, while remaining editorial and some creative staff have moved to 32-hour workweeks with full-time benefits.

Gemini laid off 100 employees representing approximately 10% of its workforce on 2022-06-02.

Insurtech company Policygenius laid off approximately 25% of its workforce, affecting an estimated 170 employees, in early June 2022. This significant reduction came less than three months after the firm raised $125 million in a Series E funding round. CEO Jennifer Fitzgerald cited the sudden and dramatic economic shift as the reason, stating the company needed to adapt its strategy. Policygenius, which operates an online platform for comparing and purchasing insurance, had reported strong growth in its home and auto insurance segments prior to the layoffs. The company, positioned as a tech-enabled brokerage, stated it would continue to invest in its core insurance businesses despite the workforce reduction.