Layoff Events

Austrian edtech startup GoStudent, valued at $3 billion and backed by investors like SoftBank, has initiated its second round of layoffs in three months, affecting over 100 employees. This follows a previous cut of about 200 jobs in September, which represented roughly 10% of its workforce. The company, which employs around 1,600 people, is reducing roles across its operations in Italy, Germany, and Austria, with further reductions anticipated. The layoffs come as GoStudent shifts toward a hybrid teaching model, recently acquiring Germany's Studienkreis, and reflects broader challenges in the tech sector where startups are prioritizing efficiency and profitability amid a tougher fundraising environment.

Online ordering company ChowNow is laying off 40 employees, representing about 10% of its staff, as demand for delivery services stabilizes post-pandemic. This follows a previous round of cuts in July, when the company reduced its workforce by 20% from about 500 employees. The Los Angeles-based firm, which partners with around 20,000 independent restaurants, cites the need to ensure long-term sustainability amid shifting consumer dining habits and a tightening investment climate. Founded in 2012, ChowNow positions itself as a restaurant-friendly alternative to larger delivery platforms. This move reflects broader downsizing trends in the restaurant technology sector this year.

Quanergy Systems laid off 72 employees on 2022-12-14.

Landing on 2022-12-14.

In December 2022, Edgio, Inc., an IT services and consulting company, approved a restructuring plan to reduce operating costs and optimize its business model. As part of this initiative, the company announced a reduction in force affecting approximately 95 employees, which represents about 10% of its global workforce. The layoffs are expected to be implemented through the second quarter of 2023 and are projected to result in approximately $14 million in net annual savings. Concurrently, the company's Chief Growth Officer departed, with his duties being assumed by the CEO.

Viant, a publicly traded digital advertising technology company, announced plans in December 2022 to lay off 46 employees, representing 13% of its workforce. The layoffs are part of a cost-reduction strategy aimed at sharpening the company's focus on key growth priorities amidst an adverse macroeconomic environment and a broader downturn in digital advertising. This move aligns with similar workforce reductions across the adtech industry, as companies like Meta and Google also faced declining ad sales. Viant, which operates a demand-side platform and owns properties such as MySpace, cited a deceleration in advertising spend from key verticals like automotive and retail as a contributing factor.

Komodo Health, a healthcare data analytics startup valued at $3.3 billion, laid off 78 employees, representing 9% of its workforce, in December 2022. The restructuring occurred amid a frigid IPO market, with the company aiming to improve profitability ahead of a potential public debut. This move followed the departure of its CFO and came alongside a $200 million equity infusion from investors Dragoneer and Coatue. The co-founders described the layoffs as a step to ensure capital efficiency in a changing economic environment, marking the company's second round of cuts since 2020.

TaxBit on 2022-12-13.

Pluralsight, a technology workforce development platform, laid off approximately 400 employees in early 2024, representing about 20% of its workforce. The layoffs were part of a restructuring effort to streamline operations and focus on core business priorities, including its AI-driven learning tools. This move follows the company's acquisition by Vista Equity Partners and reflects broader adjustments in the edtech and corporate training industry.

Caribou on 2022-12-12.

Balto laid off 35 employees on 2022-12-12.

Freshly laid off 329 employees on 2022-12-12.

Convene, a company in the workplace and hospitality industry, laid off a number of its team members this week as part of a reassessment of its organizational structure. The decision, described as incredibly tough by CEO Ryan Simonetti, was driven by the need to position the business for future growth in a challenging and dynamic macroeconomic environment. While the exact number of employees affected and the total workforce size were not specified, the layoffs reflect a strategic shift. Simonetti expressed regret, noting in hindsight that the company would have ramped up more slowly post-pandemic and been more cautious with R&D investments in certain areas. The company is offering support and seeking to connect the impacted individuals, who were instrumental to its culture and success, with new opportunities.

In December 2022, the edtech unicorn Outschool conducted its second round of layoffs for the year, letting go of 43 employees, which represented a quarter of its staff. The company, which was last valued at $3 billion, cited a dramatic slowdown in growth as students returned to in-person schooling and a challenging funding environment marked by recession fears and higher investor demands for profitability. This followed an earlier layoff in July that affected 18% of its workforce, underscoring the broader struggles within the once high-flying edtech sector.

Autobooks, a financial technology company, has laid off an unspecified number of employees amid a broader wave of tech industry job cuts. The layoffs occurred in December 2022, reflecting the challenging economic environment and strategic adjustments within the tech sector. While exact figures regarding the total workforce and percentage affected were not disclosed, this move aligns with a trend of cost-cutting and restructuring seen across many technology firms during this period.

German software startup Xentral, backed by major investors like Sequoia and Tiger Global, has laid off approximately 10% of its workforce, affecting around 20 employees out of a total of 200. The Augsburg-based company, which provides ERP systems for e-commerce and mid-sized businesses, announced the cuts in December 2022, citing slower-than-expected growth and the need to refocus on its core SME customer base amid broader economic challenges. The restructuring primarily impacted sales and marketing teams as Xentral adjusts its go-to-market strategy, despite having raised about €100 million and serving around 1,800 clients, including larger names like Porsche and About You.

PharmEasy, an Indian e-pharmacy and health tech startup, has conducted another round of layoffs, affecting employees primarily from product technology, quality analytics, and support teams, as well as technology and design. The layoffs occurred between November 29 and December 1, with the company citing reasons such as restructuring, macroeconomic challenges, and the impact of the Russia-Ukraine war. While the exact number of affected employees was not independently verified, reports indicate the startup is letting go of hundreds as part of a cost-saving drive amid a severe funding crunch. PharmEasy, which has faced difficulties raising capital, shelved its IPO plans earlier and is grappling with mounting losses, reflecting broader pressures in the tech startup industry.

Israeli mobile gaming company Playtika is laying off approximately 600 employees, representing 12% to 15% of its global workforce of 4,100, as part of a second round of downsizing in 2022. This includes 180 layoffs in Israel. The company, which expanded significantly during the pandemic, is now restructuring amid challenges in maintaining growth post-Covid, with its casino game revenues declining and share price dropping 54% since the start of the year. The layoffs were reported in December 2022, following an earlier round in June, as Playtika aims to streamline operations despite remaining profitable and cash-rich.

In December 2022, UK-based e-commerce technology startup Primer laid off approximately 85 employees, representing about one-third of its total workforce. The company, which had raised $50 million at a $425 million valuation the previous year, undertook this significant restructuring to adjust to shifting market conditions and extend its financial runway. The layoffs were driven by a major cooling in e-commerce activity following the pandemic boom, as consumer spending decreased amid global economic uncertainty and rising inflation. This move reflects a broader industry trend where companies that expanded rapidly during the peak of COVID-19 are now retrenching to navigate a more challenging economic environment.

C2FO laid off 20 employees representing approximately 2% of its workforce on 2022-12-09.

Australian cryptocurrency exchange Digital Surge collapsed into voluntary administration in early December 2022, effectively suspending accounts for its approximately 30,000 customers and halting all withdrawals and trading. The collapse, part of a wider industry crisis following the failure of major global exchange FTX, led to the appointment of administrators KordaMentha to seek a rescue package. Founded in 2017, the exchange had offered trading in over 300 cryptocurrencies but succumbed to the severe market downturn that saw Bitcoin lose over 60% of its value during the year.

Brodmann17, an Israeli computer vision startup in the automotive technology industry, shut down in December 2022 after six years of operation. The company, which developed a lightweight, software-based computer vision system for advanced driver assistance systems (ADAS), was unable to bring its products to the mass market despite proving its technology and having customer demand. Founded by deep learning specialists, the startup aimed to compete in a market dominated by Mobileye by focusing on a "blue ocean" strategy of efficient software that could run on low-end vehicle processors. The closure resulted in the layoff of its entire workforce, as the company ceased operations.

Brazilian healthtech company Alice conducted a new round of layoffs on December 8, 2022, dismissing 113 employees, which represents 16% of its total workforce. This cut affected all areas of the company and follows a previous layoff of 63 sales professionals just five months earlier. The company stated the restructuring aims to generate efficiency and adapt to a challenging global macroeconomic environment impacting tech firms. As a prominent startup that had raised a $127 million Series C round, Alice is shifting its strategy from aggressive growth to focusing on product evolution for its 11,000 members, ensuring long-term sustainability despite the difficult decision.

OneFootball laid off 62 employees representing approximately 12% of its workforce on 2022-12-09.

ZenLedger representing approximately 10% of its workforce on 2022-12-09.

In December 2022, the carsharing provider Share Now, a joint venture originally formed by BMW and Daimler and later acquired by Stellantis, announced significant layoffs. Following its sale by the German automakers, the company planned a major workforce reduction, initially targeting 36% of its then over 450 employees, which would have meant at least 150 job cuts. However, after negotiations, the final number was reduced to fewer than 50 layoffs in Germany. The restructuring aims to achieve profitability after years of substantial losses, as Stellantis integrates Share Now with its existing Free2Move service to strengthen its position in the European mobility market.

In December 2022, Israeli cybersecurity unicorn Armis laid off 25 employees, representing about 3.5% of its 670-person workforce. The company, which had raised $300 million at a $3.4 billion valuation the previous year, stated the layoffs were part of a streamlining process and adjustments to its work plan. Armis cited the need to shift budgets between departments and prepare for a potential future economic slowdown, even while reporting strong demand and expecting to double its revenue that year. This move was positioned as a strategic step to build a leading global cybersecurity company for the long term.

Nerdy representing approximately 17% of its workforce on 2022-12-08.

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On December 8, 2022, Brazilian mobility startup Buser laid off approximately 160 employees, representing 30% of its total workforce. The company cited the need to adapt to a challenging macroeconomic environment and "the new reality of the market" as primary reasons. Additionally, Buser pointed to slow regulatory progress and selective enforcement actions by authorities, which it claims have created additional operational costs and hindered its collaborative charter bus model. The layoffs, which began that morning, affected all areas of the company equally. This move reflects broader pressures within the startup sector, as Buser, backed by investors like SoftBank, sought to streamline its operations amidst a difficult business and regulatory landscape.

Airtable, a no-code software company last valued at $11 billion, laid off approximately 254 employees on December 8, 2022, affecting about 20% of its workforce. The cuts impacted teams including business development and engineering, as the company shifts its strategy from a bottoms-up product to focusing on connected apps for larger enterprises. This move, part of broader 2022 tech industry layoffs driven by economic concerns, coincided with the departure of its chief revenue officer, chief people officer, and chief product officer. Affected employees were offered at least 16 weeks of severance, accelerated equity vesting, and immigration support.

Lenovo on 2022-12-08.

Inscripta laid off 43 employees on 2022-12-08.

Blue Apron representing approximately 10% of its workforce on 2022-12-08.

In December 2022, Chrono24, a major online luxury watch marketplace, announced layoffs affecting up to 80 employees at its subsidiary "Zeitauktion" in Chemnitz-Rabenstein, Germany. The company later clarified that 42 employees would actually be let go. This decision followed Chrono24's acquisition of the pre-owned watch dealer Zeitauktion three years prior, an expansion move intended to create synergies and establish a large European watch workshop. However, the integration failed to deliver the expected benefits, leading to the job cuts as part of a strategic pullback. The layoffs were communicated abruptly just before Christmas, causing significant uncertainty among the workforce. Chrono24 stated it would attempt to retain or reassign as many employees as possible, while the future of the Chemnitz location remains unclear.

Vanta representing approximately 14% of its workforce on 2022-12-08.

FireHydrant, a company focused on software reliability, has undergone a restructuring that resulted in layoffs affecting several employees. While the exact number of impacted individuals and the total workforce size were not disclosed in the announcement, the company described the decision as difficult and part of a major organizational change. The layoffs were announced via a LinkedIn post, with the company expressing hope that other organizations would hire the affected talented professionals and offering an alumni directory to facilitate their job search. The event highlights ongoing adjustments within the tech industry.

Israeli autotech company Otonomo is laying off approximately 80 employees, representing almost 50% of its remaining workforce, as announced in December 2022. This marks the company's second major round of layoffs in 2022, following earlier cuts in August. The layoffs affect teams across Israel, the U.S., and Europe, including the entire group from the acquired startup Neura, as well as sales, marketing, and product staff. Facing severe financial challenges, Otonomo has lost over 95% of its market value since its SPAC merger at a $1.26 billion valuation. The company, which operates a data marketplace for connected vehicles, cited the need for significant restructuring to navigate difficult market conditions.

TechTarget laid off 60 employees representing approximately 5% of its workforce on 2022-12-08.

Israeli cybersecurity startup CyCognito has laid off approximately 30 employees, representing about 15% of its workforce of around 185 people. The layoffs, announced in December 2022, affect staff in both Israel and the U.S., with an estimated half of the impacted roles based in Israel. Co-founder Dima Potekhin cited the need to reduce cash burn and prepare for an anticipated difficult recession as the primary reasons, aiming to avoid raising new capital during the market downturn. This move comes just one year after the company secured a $100 million Series C funding round at an $800 million valuation.

Glints, a talent recruitment and career development platform in the tech industry, conducted a layoff affecting an unspecified number of its employees. The exact scale, percentage, and precise date of the workforce reduction were not detailed in the available report. The company, which operates regionally in Southeast Asia, likely undertook this restructuring to optimize operations amid broader market adjustments.

Food delivery giant Swiggy is laying off approximately 250 employees, representing about 3-5% of its total workforce. The cuts, reported in late 2022, impact roles across supply chain, operations, customer service, and technology. This performance-related restructuring occurs as Swiggy faces intense competition, with rival Zomato holding a 55% market share. The company is also taking steps to reduce costs and cash burn, including scaling back its quick commerce expansion. These layoffs are part of a broader trend in the Indian foodtech and startup industry, which saw significant workforce reductions that year.

Bakkt representing approximately 15% of its workforce on 2022-12-08.

Commercial real estate finance startup Lev laid off approximately 30 employees last week, representing less than 30% of its workforce, as part of a broader industry trend. The company, which operates a digital lending platform and had raised significant funding, made these cuts primarily within its sales and operations teams. CEO Yaakov Zar cited over-hiring in anticipation of stronger 2023 growth, which now seems unlikely due to rising interest rates slowing CRE financing. The layoffs occurred in early December 2022, amid widespread cutbacks in both the technology and real estate sectors.

Motive laid off 237 employees representing approximately 6% of its workforce on 2022-12-07.

On December 7, 2022, the software company Relativity laid off 150 employees. The Chicago-based firm, which specializes in legal technology and e-discovery software, cited a need to restructure and adapt to changing market conditions as the reason for the workforce reduction. While the exact total number of employees and the percentage affected were not disclosed in the report, this move reflects broader adjustments within the tech industry during a period of economic uncertainty.

Sayurbox, an Indonesian online grocery delivery startup, laid off an unspecified number of employees in early 2024 as part of a restructuring effort to achieve profitability. The company, operating in the competitive e-commerce and food tech industry, cited a strategic shift to focus on core business efficiency. While exact figures regarding the total workforce and the percentage affected were not publicly disclosed, the move reflects broader challenges and consolidation within the tech startup sector, particularly among companies scaling back after a period of rapid growth.

Recur Forever laid off 235 employees on 2022-12-07.

Fintech decacorn Plaid announced layoffs of 260 employees, representing 20% of its workforce, on December 7, 2022. CEO Zach Perret stated the company had hired aggressively during the COVID-19 pandemic amid rapid customer growth and revenue acceleration. However, macroeconomic shifts led to slower-than-expected growth among its customers, causing Plaid's cost growth to outpace revenue. The layoffs affected teams across the company, with recruiting and engineering among those impacted. Departing employees received 16 weeks of base pay severance, extended healthcare coverage, accelerated equity vesting, and career support services.

Voi, the Swedish micromobility company, laid off approximately 35 employees in November 2023 as part of a strategic restructuring to accelerate its path to profitability. This reduction affected around 7% of its workforce, which was reported to be about 500 people at the time. The decision was driven by a need to streamline operations and reduce costs amid a challenging economic environment for the tech and shared transport industry. Voi, a prominent player in the European e-scooter and e-bike rental market, stated the move would help focus resources on core markets and sustainable growth.