Layoff Events

Israeli SaaS management startup Torii is laying off 28 employees, representing about 30% of its total team of 95, as announced in late June 2023. The company, which raised a $50 million Series B round in early 2022, cited macroeconomic uncertainty and lower-than-expected revenue in the first half of the year as key reasons for the restructuring. This strategic move aims to adjust its operations and steer the company toward profitability amidst a challenging financial climate for the tech industry.

Niantic, the San Francisco-based mobile games developer known for Pokémon Go, laid off 230 employees on Thursday as part of a company reorganization. This reduction represents a significant portion of its workforce, though the exact total employee count isn't specified. The layoffs are attributed to both internal and external factors, including a challenging macroeconomic environment and shifts in the mobile gaming industry. Specifically, changes in app store policies have made user acquisition more difficult and expensive, complicating the launch of new games. As a result, Niantic is canceling NBA All-World and halting production on an unreleased Marvel title, while closing its Los Angeles studio. The company is refocusing its efforts, prioritizing support for Pokémon Go and investing in future augmented reality platforms.

Qyuki representing approximately 30% of its workforce on 2023-06-29.

Vowel, a video conferencing startup, has laid off approximately 20% of its workforce, affecting around 10 employees. The company, which had a total of about 50 employees, made these cuts in late 2024 as part of a strategic restructuring to extend its financial runway and focus on core product development. Operating in the competitive enterprise software and video collaboration industry, Vowel is a small-scale venture-backed company aiming to streamline meeting productivity. The layoffs reflect broader market pressures and a shift toward sustainable growth.

Karat laid off 47 employees on 2023-06-28.

On June 28, 2023, Zapier, a profitable automation software company, announced a workforce reduction of approximately 10% of its team. This decision, made to reposition the company for future challenges, was driven by shifting economic conditions and the rapid emergence of AI and large language models. The layoffs, affecting roles across various departments, aim to reallocate resources toward early product development and AI initiatives, areas deemed critical for future growth. While the exact number of employees impacted wasn't specified, the 10% cut reflects a strategic shift to address new competitive dynamics and ensure the company remains aligned with evolving market demands in the tech industry.

ClickUp, a San Diego-based productivity software startup valued at $4 billion, has laid off approximately 90 employees, representing 10% of its roughly 900-person workforce. The layoffs, which began notifying affected staff in early July 2023, were implemented to increase efficiency and better position the company for a future public listing amid a market slowdown. The cuts impacted software engineering, customer service, and support teams, with the company citing a strategic move to relocate some support roles to lower-cost regions. This marks the second round of layoffs for ClickUp, following a 7% reduction in 2022. The company, backed by investors like Andreessen Horowitz and Tiger Global, provides a unified work management platform to clients including IBM and Netflix.

Plex, a media streaming and server platform, laid off 37 employees on June 28, 2023, which constitutes over 20 percent of its total staff. The cuts impacted every department within the company. CEO Keith Valory cited a significant downturn in global advertising markets, which has severely affected Plex's ad-supported streaming business, as the primary reason. Facing a challenging environment to achieve profitability, the company is restructuring to focus on four main product areas and aims to return to being cash-flow positive within the next 18 months. This move reflects broader difficulties in the streaming industry.

Ludia, a Montréal-based mobile game developer owned by Jam City, has laid off an estimated 55 employees, primarily affecting game production roles, including senior management and veterans. The layoffs, part of a company restructure to optimize title performance, were confirmed following reports from staff on LinkedIn this week. While the company did not disclose the exact number, the cuts represent a significant reduction for the studio known for Jurassic World Alive. The restructuring comes amid a slight revenue decline for its flagship title and follows broader layoffs at parent company Jam City last summer. Affected employees are being offered severance, extended benefits, and career transition support.

Eyowo, a Nigerian digital banking platform, is shutting down operations on June 27, 2023, laying off most of its employees. The company cited severe market complications, particularly regulatory challenges from the Central Bank of Nigeria (CBN), which undermined its financial stability and ability to secure investments. This led to an inability to fulfill obligations and maintain its operations. While a small team will remain for product innovation and customer support, the majority of staff are affected. Eyowo is part of the fintech industry and has committed to settling outstanding salaries within a short timeframe.

Hospitality company Selina, an Israeli-founded firm that went public in October 2022 via a SPAC merger at a $1.2 billion valuation, is laying off about 350 employees as part of urgent cost-cutting measures. This reduction, announced in June 2023, leaves the company with roughly 2,000 employees, meaning the layoffs affect approximately 15% of its workforce. The cuts come as Selina faces severe financial strain, having burned through cash and posted a $200 million loss on $183 million in revenue for 2022. With its market cap plummeting to around $120 million and only $23 million in cash as of March, the company is halting expansion, closing unprofitable properties, and consolidating offices to prioritize profitability over growth.

New Relic laid off 255 employees representing approximately 10% of its workforce on 2023-06-27.

Honor representing approximately 15% of its workforce on 2023-06-27.

Loopio, a Toronto-based software company specializing in response management solutions, has laid off 9% of its workforce. The difficult decision was announced by co-founders Zak Hemraj and Matt York, who expressed deep gratitude to the departing employees for their contributions to the company's growth. While the exact number of affected employees wasn't specified, the reduction reflects broader economic challenges and capital market shifts impacting the tech industry. The company emphasized that its ambition and commitment to customers remain unchanged, and it is actively assisting the impacted team members in finding new opportunities through a dedicated alumni email.

Clearpay, a buy-now-pay-later (BNPL) fintech company, is winding down its operations in France, Italy, and Spain, leading to the potential layoff of all its European staff in those markets. The decision, announced in June 2023, is attributed to tough economic trading conditions in the European Union. The company will cease taking new customers from July 3rd and fully shut down its EU operations by August 25th. While the exact number of affected employees is not specified, the closure threatens all jobs in the region. Clearpay's operations in the UK, North America, Australia, and New Zealand remain unaffected. This move highlights the challenging environment for fintech firms, with other BNPL players also facing workforce reductions amid economic pressures and increased regulatory scrutiny.

Lordstown Motors, an electric vehicle startup specializing in pick-up trucks, filed for Chapter 11 bankruptcy protection on June 27, 2023. The company, which had previously struggled with production and financial challenges, was forced into this action after its critical partnership and investment deal with Foxconn collapsed. Lordstown has simultaneously sued Foxconn, accusing the Taiwanese manufacturing giant of fraud and failing to fulfill its investment commitments, which the startup claims ultimately destroyed its business. The bankruptcy filing puts the entire company up for sale, marking a dramatic fall for a firm that once aimed to revitalize a former General Motors plant in Ohio.

Tibber, a European energy technology company, announced layoffs of up to 50 employees in June 2023. This represents about 14% of its then 350-person workforce across Norway, Sweden, Finland, Germany, and the Netherlands. The cuts, offered as voluntary severance packages, were a response to a significant loss of 509 million Norwegian kroner the previous year. This financial strain was partly due to volatile electricity prices, which forced the company to invoice customers before delivery, leading to customer dissatisfaction and attrition. The layoffs aim to improve efficiency and focus resources on core areas, with leadership expressing optimism for a return to operational profitability in the latter half of 2023.

Google is implementing layoffs at its Waze mapping service as part of a strategic integration with its own mapping products. The cuts, announced in an internal email on Tuesday, affect roles in sales, marketing, operations, and analytics as Waze transitions its advertising system to use Google Ads instead of a separate platform. While the exact number of layoffs was not specified, the Waze unit employs over 500 people. This move follows Google's broader efforts to streamline operations and improve efficiency, including the consolidation of Waze into its Geo division since late last year. The tech giant, which acquired Waze for about $1.3 billion in 2013, aims to create a more scalable ads product, reflecting ongoing adjustments within the competitive mapping and navigation industry.

Robinhood laid off 150 employees representing approximately 7% of its workforce on 2023-06-26.

Payoneer, an Israeli fintech company with a market cap of around $1.7 billion, is laying off 200 employees, constituting approximately 10% of its total workforce of about 2,000. The layoffs, announced in late June 2023, are part of a strategic shift towards profitable growth amid a challenging macroeconomic climate and lower-than-expected transaction volumes on its platform. The cuts, primarily affecting marketing and service departments, follow the appointment of a new CEO four months prior. Payoneer, which provides cross-border payment solutions for small and medium-sized businesses, went public via a SPAC merger in 2021.

Convoy laid off 30 employees representing approximately 5% of its workforce on 2023-06-26.

Israeli AI recruitment startup Joonko is on the verge of closure following a board investigation that uncovered fraudulent conduct by its CEO, leading to extensive layoffs. The company, which had raised $38 million and employed around 50 people at its peak, is dismissing most of its workforce after it was revealed that reported customer numbers were significantly inflated. The board stated in June 2023 that CEO Ilit Raz engaged in unethical and fraudulent activities, harming the company and its shareholders. This scandal has forced the startup, focused on sourcing underrepresented candidates, into a shock closure, with senior executives already departed and remaining employees facing dismissal.

Southeast Asian ride-hailing and food delivery app operator Grab laid off over 1,100 employees, about 11% of its staff, as part of cost-cutting measures aimed at achieving profitability. The layoffs were announced this week, with the company citing changes in technology, capital markets, and competition as reasons for the move.

IRL representing approximately 100% of its workforce on 2023-06-23.

Business software company Anaplan has initiated significant layoffs, affecting hundreds of employees following its acquisition by private equity firm Thoma Bravo in a $10.4 billion deal last year. According to reports and insider interviews, at least 300 workers are being let go, with some estimates reaching over 500 across U.S. and UK offices, potentially impacting more than 15% of the workforce. The cuts, which include roles like software engineers and security analysts, are part of broader cost-cutting measures under Thoma Bravo, leading to employee concerns over morale and job security. Notices indicate separations will occur from late June through August, with at least 119 layoffs at the San Francisco headquarters alone.

Illumina on 2023-06-21.

Friday Health Plans on 2023-06-21.

Uber laid off 200 employees on 2023-06-21.

In June 2023, Toronto-based food ordering service Ritual laid off 38 employees, representing 40% of its workforce, which had dwindled to about 77 staff. This marked the company's third round of cuts in recent years, as the once-promising startup struggled to recover from pandemic impacts. With revenue stagnating and continued operating losses, Ritual made the difficult decision to restructure, aiming to strengthen its position while supporting restaurants globally. The layoffs reflect broader challenges in the tech sector and the shift away from office-centric ordering habits.

Mutiny representing approximately 30% of its workforce on 2023-06-21.

Karakuki representing approximately 100% of its workforce on 2023-06-20.

Grab laid off 1,000 employees representing approximately 11% of its workforce on 2023-06-20.

Los Angeles-based vacation rental property manager AvantStay has laid off 37 employees, representing less than 10% of its staff. This marks the company's third round of job cuts within the past year, part of an ongoing reorganization strategy aimed at improving operational efficiency and reducing costs. The move reflects broader challenges in the vacation rental management sector, which has faced a market reckoning following the pandemic boom.

In June 2023, OLX Group, the online marketplace and classifieds business of Prosus, laid off approximately 800 employees globally. This workforce reduction was a direct result of the company's strategic decision to exit its automotive business unit, OLX Autos, which was announced earlier in March. After exploring potential buyers or investors, OLX Group proceeded with individual country sales in some markets like Chile, India, Indonesia, and Turkey. However, it was forced to shut down operations entirely in other markets, including Argentina, Mexico, and Colombia, after failing to find suitable buyers. The layoffs affected employees across various markets and divisions, not limited to a single region. Headquartered in Amsterdam and operating in over 30 countries, OLX Group is a major player in the global online classifieds and e-commerce industry.

Indian short-video app Chingari has laid off approximately 48 employees, representing 20% of its roughly 240-person workforce, as part of an organizational restructuring. The layoffs, which occurred on June 19, primarily impacted the tech team across its Mumbai and Bengaluru offices, coming just weeks after a cofounder's departure. Operating in the competitive media and entertainment sector with a blockchain-based model, the startup offered affected staff two months of severance and extended health insurance. This move reflects broader challenges faced by short-video and cryptocurrency platforms, despite Chingari having secured funding earlier in the year for growth and expansion.

Panther, a company in the HR tech industry focused on international hiring and payroll, is winding down its operations entirely as of June 2023. This decision effectively results in a 100% layoff of its team, as the company is shutting down. The announcement, made by CEO Matt Redler, cited the immense challenge of the market and the emergence of well-resourced competitors like Remote, to whom Panther is transitioning its customers. The company's platform will cease payments by July 10, 2023, with the team available to assist with the transition until the end of July. This closure marks the end for the startup, which aimed to streamline global employment.

Fuzzy representing approximately 100% of its workforce on 2023-06-18.

Health tech startup Mojocare laid off approximately 150-170 employees, representing over 80% of its workforce, in June 2023. This drastic reduction occurred within a year of the company raising $20.6 million. The Bengaluru-based startup, which provides personalized wellness products and services, cited unsustainable business fundamentals and a strategic shift toward capital efficiency and profitability as reasons for the cuts. The layoffs left the company with only a small operational team.

Qualcomm laid off 84 employees on 2023-06-16.

Karshare representing approximately 100% of its workforce on 2023-06-16.

Zulily on 2023-06-16.

Electric-truck maker Nikola announced layoffs of 270 employees on June 16, as part of a cost-cutting strategy to sharpen its focus on the North American market. The move affects 150 staff supporting European operations and 120 based at its Phoenix and Coolidge sites, aiming to reduce annual personnel cash spend by $50 million. Amid tough economic conditions and internal disputes with founder Trevor Milton, the company seeks to lower its annual cash usage to under $400 million by 2024. This restructuring reflects broader challenges in the electric vehicle industry, where firms are scrutinizing reserves amid slowing sales.

Bengaluru-based edtech startup FrontRow, backed by Lightspeed, has laid off approximately 90% of its workforce through two rounds of job cuts in May and October of last year, reducing its team from around 350 to just 35 employees. The company, which operates in the non-academic upskilling industry, is now exploring acquisition options amid a challenging funding environment. Co-founder Ishaan Preet Singh cited strategic reassessment of the market's potential as the primary reason, rather than immediate financial runway concerns, stating the startup has about three years of capital left. This downsizing reflects broader struggles in the edtech sector as the company shifts focus to experiments in career learning for adults and offline development for children.

Oracle laid off hundreds of employees within its Cerner health unit on June 15, 2023, as part of ongoing restructuring following its $28 billion acquisition of the health IT giant. The layoffs, which also included rescinded job offers and eliminated open positions, were largely driven by challenges with a massive electronic health records contract for the U.S. Department of Veterans Affairs. After the VA paused the rollout and renegotiated the contract, Cerner faced reduced government-related work, prompting this workforce reduction. The cuts reflect broader integration struggles within Oracle Health, an industry where Cerner is a major player, as Oracle aims to leverage the unit to prove its cloud capabilities globally.

CareRev laid off 100 employees representing approximately 33% of its workforce on 2023-06-15.

In June 2023, Seoul-based ride-hailing platform Tada, a subsidiary of Socar and backed by fintech firm Viva Republica, initiated a restructuring involving layoffs to reduce costs. While the company confirmed a voluntary early retirement program without specifying exact numbers, local media reported the cuts could affect at least 50% of its staff, approximately 45 employees. This move followed the breakdown of merger talks with Jinmobility and came as Viva Republica sought strategic partners to sustain Tada's operations in South Korea's competitive ride-hailing market, dominated by Kakao Mobility. The layoffs reflect ongoing challenges in the transportation tech sector amid consolidation efforts.

Sonos, the wireless speaker company, announced on Wednesday that it is laying off approximately 130 employees, representing about 7% of its workforce. The company, which last reported having 1,844 employees in October 2022, cited ongoing economic headwinds and a recent significant drop in revenue as reasons for the restructuring. CEO Patrick Spence stated that these challenges necessitated difficult decisions, including job cuts and a reevaluation of spending. The layoffs are part of a broader restructuring effort expected to cost between $11 million and $14 million, covering severance and real estate adjustments. This follows a previous 12% workforce reduction in 2020 during the pandemic.

In June 2023, automotive pricing platform TrueCar announced a major restructuring, laying off 102 employees, which represented 24% of its workforce. The move, aimed at aligning costs with revenue to create a nimbler company, coincided with leadership changes, including the appointment of Jantoon Reigersman as the new CEO. The company, which operates in the online automotive marketplace, reported a dip in Q1 revenue and a growing net loss, prompting this strategic shift to achieve long-term financial stability and anticipated growth later in the year.

Synapse, a financial technology company, has announced a difficult workforce reduction impacting approximately 18% of its employees. This decision, communicated by CEO Sankaet Pathak in June 2023, comes despite the company achieving profitability and positive cash flow the previous year. The layoffs are attributed to challenging macroeconomic conditions that have affected client growth, leading the company to restructure and streamline operations in areas staffed for anticipated expansion that did not materialize. The move is intended to enhance efficiency and ensure the company's long-term sustainability, allowing it to continue investing in future growth while adapting to evolving market needs.

IPO-bound D2C beauty unicorn Mamaearth is shutting down two verticals of its acquired platform Momspresso, resulting in layoffs of 80-100 employees. This decision impacts the MyMoney influencer engagement platform and the brand marketing business, which have been loss-making. The move is part of a restructuring effort as Mamaearth prepares for its upcoming initial public offering, aiming to streamline operations and cut costs. The layoffs, which occurred recently, affected roles across tech, content, customer service, marketing, and product. Momspresso, acquired in 2021, continues to operate its core user-generated content platform.