Layoff Events

Bitwise Industries, a Fresno-based technology and workforce development company, laid off all 900 of its employees on May 31, 2023, effectively collapsing the entire company. This mass layoff, representing 100% of its workforce, followed temporary furloughs announced just days earlier. The company attributed the action to "unforeseeable business circumstances," signaling a sudden and complete shutdown. Founded in 2013, Bitwise had raised over $150 million and expanded into multiple cities, including Bakersfield, where it had acquired properties and a local business. The collapse left significant questions about the future of its operations and community contracts.

Restaurant technology company Olo is laying off 81 employees, representing 11% of its workforce, as part of a restructuring announced in late June 2024. The New York-based firm, which provides digital ordering and payment systems for major restaurant chains, is streamlining its operations to reduce complexity following its 2021 acquisition of Wisely and the launch of its Olo Pay product. The reorganization consolidates business units into three core segments: Order, Pay, and Engage. CEO Noah Glass described the move as a strategic evolution to focus on growth areas, particularly payments, and not a reflection on team performance. Affected employees will receive severance packages, and the company is simultaneously hiring a new chief operating officer with payments expertise to lead its product and engineering teams. This comes amid a trend of job cuts in the restaurant and tech sectors, even as Olo continues to report revenue growth despite net losses and a declining stock price since its 2021 IPO.

JupiterOne laid off 8 employees on 2023-06-13.

In June 2023, German online fashion retailer Zalando provided further details on its planned job cuts, which were initially announced in February. The company is eliminating several hundred positions, primarily within administrative functions, as part of a broader restructuring effort to streamline operations and improve efficiency. As a major player in the e-commerce industry, Zalando is implementing a voluntary severance program to manage the reduction, which affects a notable portion of its workforce, though specific figures on total employees and exact percentages were not fully disclosed in this update.

Western Digital laid off 211 employees on 2023-06-13.

Chegg laid off 80 employees representing approximately 4% of its workforce on 2023-06-12.

UK fintech unicorn GoCardless laid off approximately 135 employees, representing 15% of its global workforce, in June 2023. The company, valued at $2.1 billion and employing around 800 people after the cuts, made this decision to prioritize profitability and reduce costs amid a challenging economic environment and a funding drought. CEO Hiroki Takeuchi stated the move focuses the business on core areas while scaling back longer-term investments. The layoffs affected roles in the UK, US, Australia, and New Zealand, and the senior leadership team was also reduced by about 25%. This aligns with a broader trend of job cuts in the fintech sector as companies adjust to market pressures.

Grubhub, the food delivery platform, laid off approximately 400 corporate employees, representing 15% of its corporate workforce, as announced by CEO Howard Migdal in a message to employees. The company cited the need to maintain competitiveness in a market where it has struggled to gain share against rivals like DoorDash and Uber Eats. The layoffs occurred in early 2024, with affected employees offered a minimum of 16 weeks of severance. Grubhub, acquired by Dutch multinational Just Eat Takeaway.com in 2021, operates in the competitive food delivery industry and has faced ongoing challenges since the acquisition, including exploration of a potential sale.

Tiki, a Singapore-headquartered short-form video app popular in India, is shutting down its operations on June 27, 2023, effectively laying off its entire workforce. The company, which had about 35 million monthly active users in its sole market of India, cited the challenging tech industry environment and rapid consolidation in India's short video sector following the ban on TikTok. As a small startup, Tiki failed to sustain its position despite initially capitalizing on the market void. The closure reflects the broader struggles of many ventures that attempted to fill the gap left by banned Chinese apps in the Indian market.

TaxBit laid off 80 employees representing approximately 40% of its workforce on 2023-06-11.

23andMe laid off 75 employees representing approximately 9% of its workforce on 2023-06-09.

Cybersecurity company Expel laid off 60 employees, representing approximately 10% of its workforce, in June 2023. The decision was attributed to shifting market conditions, aligning with similar actions taken by other firms in the technology and security industry. Despite the layoffs, the company emphasized its continued growth and strong market position, assuring that service delivery capabilities remain unaffected. Departing employees in the U.S. were offered a minimum of two months of severance pay and extended healthcare benefits, with similar support provided internationally, alongside career transition assistance.

Brazilian edtech startup Trybe laid off 128 employees on Tuesday, June 6, 2023, which represents 35% of its workforce. This is the company's second round of cuts in less than a year, following a previous dismissal of 47 people in August 2022. The company stated the layoffs were necessary to achieve its long-term goals and reach financial breakeven within the next 180 days. Operating in the education technology sector, Trybe, which was valued at R$1.3 billion in a 2021 funding round, offers programming courses with a "success-shared" payment model. The layoffs are part of a broader trend dubbed the "startup winter," where companies are adjusting their strategies amid a tougher investment climate.

In June 2023, Nasdaq-listed SaaS company Freshworks conducted its third round of layoffs, affecting product, engineering, and go-to-market teams at its US site, citing performance assessments. This follows earlier cuts of about 90 employees (2% of its workforce) in December 2022 and around 114 in March 2023. With a global workforce of approximately 5,000, the company is implementing these cost-cutting measures to navigate macroeconomic pressures and slowing demand growth. The broader SaaS industry, including many startups that overestimated post-pandemic market expansion, is facing similar challenges, leading to widespread workforce reductions to ensure survival.

Israeli cybersecurity startup Opora Technologies, founded by former Shin Bet director Yuval Diskin, has laid off most of its staff and is nearing a complete shutdown. The company, which employed over 20 people at its peak, has significantly reduced its workforce after its core technology failed to mature into a viable commercial product despite initial customer interest. Facing a challenging global market, Opora is now negotiating to sell its intellectual property. The startup, established in 2020 and spun out from Diskin's earlier venture, had raised approximately $10 million in funding, including a $7 million seed round led by Jerusalem Venture Partners. The layoffs and impending closure were reported in June 2023.

Highspot laid off 140 employees representing approximately 15% of its workforce on 2023-06-08.

Branch laid off 186 employees on 2023-06-08.

Cohesity, a data management and protection startup in the enterprise storage industry, has conducted a workforce optimization, resulting in layoffs that include Chief Marketing Officer Lynn Lucas. While the exact number of employees affected was not disclosed, the privately held company had approximately 2,289 staff as of April 2023. The decision, announced in June 2023, aims to increase investment flexibility in strategic customer areas and achieve cash flow positivity by fiscal year 2024. Cohesity, which has raised $660 million in funding and was valued at $2.5 billion in 2020, is providing support and potential redeployment for impacted employees while continuing to recruit in key areas.

Cityblock Health laid off 155 employees representing approximately 12% of its workforce on 2023-06-08.

HashiCorp representing approximately 8% of its workforce on 2023-06-07.

Indian edtech giant Byju's is laying off approximately 1,000 employees as part of a restructuring effort. This significant workforce reduction, announced in early June 2023, comes amidst severe financial and legal pressures. The move follows directly after the company filed a complaint in a New York court, challenging the acceleration of a $1.2 billion term loan it had raised in 2021. These layoffs reflect the broader challenges within the once high-flying edtech industry as companies like Byju's, a major player in the sector, grapple with cash flow issues and investor disputes while scaling back operations.

Based on available information, Sumo Logic, a cloud-native SaaS analytics platform in the cybersecurity and observability industry, conducted a workforce reduction in early 2023. The layoff affected approximately 80 employees, which represented about 7% of its total workforce at the time. This decision was part of a broader restructuring effort aimed at improving operational efficiency and extending the company's financial runway amidst challenging market conditions. The move aligned with similar cost-cutting measures seen across the tech sector during that period.

Flatiron Health laid off 39 employees on 2023-06-07.

In June 2023, rocket engine manufacturer Ursa Major conducted layoffs affecting approximately 80 employees, which represented over a quarter of its workforce. The Colorado-based space industry startup, which had around 292 employees listed on LinkedIn at the time, cited budgetary constraints as the reason for the job cuts. The layoffs impacted key roles, including engineers in propulsion and quality analysis, amid broader market headwinds affecting the technology and aerospace sectors. Despite the workforce reduction, Ursa Major was actively developing several engines, such as the Hadley and Ripley, and had recently secured significant contracts for new engine development, including the Draper and Arroway models.

Nubank laid off 296 employees on 2023-06-07.

Dragos laid off 50 employees representing approximately 9% of its workforce on 2023-06-06.

Reddit laid off 90 employees representing approximately 5% of its workforce on 2023-06-06.

Web3 startup Mara conducted a second round of layoffs in May 2023, primarily dismissing its marketing department, affecting around six employees. This follows a previous layoff in December 2022 that cut 50% of its staff, which the company attributed to cost reduction and restructuring, not financial troubles or the FTX collapse. Mara, an African-focused crypto startup that raised $23 million in 2022, is shifting its focus from user acquisition to serving existing users and developing new projects to drive crypto adoption on the continent. Despite the layoffs, the company continues to hire in areas like engineering.

Linktree, the link-in-bio startup, has laid off approximately 27% of its workforce, primarily affecting employees in Australia and New Zealand. This reduction impacts around 60 jobs from a total of about 224 employees. The decision, announced in June 2023, is part of a strategic shift to focus on the U.S. market, which is the company's largest and fastest-growing segment. As a result, roles in product, engineering, marketing, and design are being relocated from Australia to the U.S. This follows a previous layoff in August 2022, when Linktree cut 17% of its global staff. The company, which operates in the social media technology industry, has been profitable since its 2016 launch and had raised significant venture capital prior to these cuts.

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

Coherent, a global leader in materials, networking, and lasers, laid off 196 employees at its Fremont, California facility in June 2023. This location houses its subsidiary Finisar, which manufactures optical communications components. The layoffs were part of a broader restructuring due to shifting business needs, contributing to a total of over 304 job cuts announced by the company in the Bay Area in 2023. These reductions occurred within the wider tech industry downturn, which saw tens of thousands of layoffs across the region throughout 2022 and into 2023.

Edgio laid off 134 employees representing approximately 12% of its workforce on 2023-06-06.

Flyhomes on 2023-06-05.

Spotify announced layoffs on Monday, cutting 200 employees which represents about 2% of its workforce. This reduction is part of a strategic pivot within its podcasting unit, shifting from a uniform approach to a more tailored partnership model to better support creators. The company, a major player in the audio streaming industry, has invested heavily in podcasting through acquisitions and high-profile deals in recent years. Affected employees will receive severance packages as the changes take effect.

Azibo, a fintech startup, recently conducted a layoff as part of a reduction in force to move the business forward, a decision not made lightly. The impacted roles spanned product design, product management, data analytics, software development, and customer service. While the exact number of employees laid off and the percentage affected were not disclosed, the company's leadership expressed a commitment to helping these talented individuals find new opportunities quickly, sharing a list of those who opted in for networking and job referrals. This move reflects broader challenges in the tech industry, where many companies are adjusting their workforce to navigate economic pressures and strategic shifts.

Meati Foods, a fungi-based alternative meat startup, laid off 17 employees, representing 5% of its workforce, this week. The company, which recently opened a large production facility in Thornton, Colorado, stated the layoffs were part of strategic resource reallocation to support scalability and future growth, not due to weak demand. This move follows broader industry challenges, as U.S. retail sales of meat alternatives have declined. Despite the cuts, Meati emphasized strong commercial relationships and plans for national expansion, remaining optimistic about capturing a significant share of the growing market. The layoffs occurred in the context of similar reductions at competitors like Impossible Foods and Beyond Meat.

Staffbase, a Chemnitz-based unicorn startup specializing in employee communication software, laid off approximately 90 employees in early June 2023. The company, which had around 600 employees prior to the cuts, reduced its workforce by about 15% as part of a restructuring effort to streamline operations and reduce complexity. This move reflects broader challenges in the tech industry, where startups face increasing investor caution due to economic pressures like inflation and geopolitical tensions. Staffbase, valued at over $1 billion after a major funding round just a year earlier, cited the consolidation of product development to its Berlin and Saxony offices, while closing other locations, as key reasons for the layoffs. The reductions particularly affected staff from recently acquired subsidiaries, as the company adjusted its post-expansion strategy.

ZoomInfo laid off 120 employees representing approximately 3% of its workforce on 2023-06-02.

Zume representing approximately 100% of its workforce on 2023-06-02.

Fractal Software, a New York-based venture studio, has laid off at least 28 employees, representing about 25% of its staff, as it shifts its strategy away from creating new startups. The layoffs, which began in December and affect recruiters and research analysts, are part of a broader move to focus resources on supporting its existing portfolio of around 130 companies. This strategic pivot comes amid a challenging market downturn that has made fundraising difficult for startups. The company confirmed the layoffs and noted that affected employees will stay on until September 1, while it continues to hire for a few final startup launches before fully transitioning to portfolio support.

CloudTrucks on 2023-06-01.

In June 2023, Berlin-based digital coaching platform CoachHub laid off approximately 10% of its global workforce. This marked the second round of layoffs within just a few months, following a similar reduction in January. The company, which had around 850 employees globally after a major €200 million funding round in mid-2022, cited the need for a leaner organizational structure to ensure sustainable business development and move toward profitability. The decision was driven by challenging economic conditions, including rising interest rates, high inflation, and difficult financial markets in Europe and the U.S., which forced the startup to lower its 2023 revenue forecast and implement cost-saving measures. Concurrently, leadership changes were announced, with Matti Niebelschütz becoming sole CEO. Operating in the corporate training and HR tech industry, CoachHub is considered a high-growth startup and a potential future unicorn.

Outbrain, an Israeli-founded internet recommendation platform, laid off approximately 90 employees, representing 10% of its global workforce, in June 2023. This marked the company's second round of layoffs within a year, following a reduction of 38 staff in July 2022. The decision was driven by challenging macroeconomic conditions that weakened advertising demand, impacting revenue. In Q1 2023, Outbrain reported a 9% year-over-year revenue decline to $231.8 million and a net loss of $5.6 million. The company, which went public in 2021, has seen its market valuation drop significantly amid industry-wide pressures.

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In June 2023, healthtech startup Glamyo Health, based in Delhi NCR, conducted significant layoffs as part of a broader cost-cutting effort amid challenging market conditions and a funding winter. According to reports and a police complaint filed by an employee, the company let go of around 50 employees over two months, with a sudden wave of terminations occurring just days prior without prior notice, severance clarity, or settled salaries. Allegations surfaced that the founders intended to leave India after shutting operations, though these were later contested. The layoffs impacted various roles, including doctors and medical coordinators. Glamyo Health, which provides elective surgery coordination and last raised $3 million in 2021, joins numerous Indian startups facing workforce reductions due to adverse economic pressures.

Haven Technologies laid off 280 employees representing approximately 70% of its workforce on 2023-06-01.

Away laid off 22 employees representing approximately 8% of its workforce on 2023-05-31.

ZipRecruiter laid off 270 employees representing approximately 20% of its workforce on 2023-05-31.

Berlin-based real estate startup McMakler has laid off 60 employees, representing about 8% of its workforce, as it faces what its CEO calls the worst property crisis in 50 years. This marks the third round of layoffs in less than a year for the company, following over 200 job cuts in 2022. The firm, founded in 2015, cites a severe downturn in the housing market, with rising interest rates and construction costs slashing demand and transactions. CEO Felix Jahn notes a 23-25% drop in homes sold via its platform in early 2023 and expects revenue to fall significantly this year, though he still aims for monthly profitability in the second half.

Vendr laid off 100 employees representing approximately 25% of its workforce on 2023-05-31.