Layoff Events

Indian edtech company Vedantu has laid off 385 employees in its fourth round of job cuts this year, bringing its total workforce reductions to over 1,100 in 2022. Following this latest round in December 2022, the company's employee count stands at approximately 3,300. The layoffs, affecting functions like sales, HR, and content, are part of a broader cost-cutting drive as the company seeks a path to profitability. This move reflects industry-wide pressures on Indian edtech firms, where the post-pandemic slowdown in online learning growth and a challenging funding environment have forced austerity measures, including significant layoffs across the sector.

CircleCI representing approximately 17% of its workforce on 2022-12-07.

Lithic laid off 27 employees representing approximately 18% of its workforce on 2022-12-07.

Integral Ad Science laid off 120 employees representing approximately 13% of its workforce on 2022-12-07.

Berlin-based tech rental startup Grover, which achieved unicorn status in early 2022, has laid off at least 40 employees, representing around 10% of its then 460-person workforce. The layoffs, confirmed in December 2022, are part of a restructuring aimed at reaching profitability and refocusing goals for 2023. After rapid growth during the pandemic, the company is shifting from a pure growth focus to a stronger emphasis on financial sustainability. Grover operates a platform for renting electronics like smartphones and gaming consoles across several countries, including Germany and the U.S.

Detectify, a Swedish cybersecurity company, has laid off approximately 20 employees, which represents about 13% of its workforce. The decision, announced in late 2023, was attributed to a strategic restructuring aimed at improving operational efficiency and focusing resources on core product development amid broader market challenges in the tech industry. The company, which provides automated security assessment tools, stated the move was necessary to ensure long-term sustainability and adapt to evolving customer needs in the competitive cybersecurity sector.

Zywave on 2022-12-07.

Houzz, a U.S.-based home design and renovation platform, laid off nearly 100 employees globally in December 2022, representing about 8% of its workforce. The company cited challenging macroeconomic conditions in the home improvement and interior design industry as the reason for the cuts. Following these layoffs, Houzz's total employee count was reduced to approximately 1,100, down from 1,800 in 2019, reflecting a broader trend of workforce trimming over recent years. Founded in 2009 and headquartered in Palo Alto, California, Houzz operates internationally with offices in locations including Tel Aviv, London, Berlin, and Sydney. The company, which has raised significant venture funding, has also postponed plans for an IPO due to market conditions.

Loft laid off 312 employees representing approximately 12% of its workforce on 2022-12-07.

In early November 2022, Nigerian-founded mobility fintech startup Moove dismissed an undisclosed number of employees from its workforce, particularly in its Nigeria offices. The company, which operates globally as a vehicle financing partner for ride-hailing platforms like Uber, stated the actions were not layoffs but terminations due to performance issues and gross misconduct. Moove emphasized a zero-tolerance policy for misconduct, citing potential impacts on customer livelihoods. While the exact number affected remains unknown, the company confirmed a workforce of approximately 400 employees at the time. Affected staff received three months' base salary as a goodwill gesture but were required to sign NDAs and legal waivers. This occurred after Moove raised over $140 million in funding rounds during 2022.

Cannabis-tech firm Weedmaps is laying off up to 175 employees, representing about 25% of its workforce, as the broader cannabis industry faces a significant downturn. The majority of these cuts occurred in early December 2022, following a previous 10% reduction in August. The layoffs come amid a leadership transition, with co-founder Doug Francis serving as interim CEO after Chris Beals stepped down in November. Facing a steep decline in its stock price and market value, the company cited the need to achieve profitability and positive cash flow in 2023. Its clients, cannabis businesses, are reducing spending due to regulatory uncertainty, falling sales, and a tough economic climate.

Stash laid off 32 employees representing approximately 8% of its workforce on 2022-12-06.

In December 2022, African fintech unicorn Chipper Cash laid off approximately 12.5% of its workforce, affecting over 50 employees out of a total of about 400. The layoffs impacted multiple departments, with the engineering team bearing the brunt, accounting for around 60% of the cuts. The company, valued at $2.2 billion in 2021 and operating in the cross-border payments sector across Africa and the U.K., had raised significant funding, including a $150 million extension led by FTX just months prior. This restructuring occurred amid broader market challenges, reflecting strategic adjustments within the high-growth fintech startup.

Intel, the Santa Clara-based semiconductor giant, has initiated layoffs in California, cutting 201 positions as part of a broader effort to reduce costs by up to $10 billion by 2025. The layoffs, set to begin on January 31, affect 111 employees in Folsom and 90 in Santa Clara, where the company is headquartered. While the total number of employees at Intel is not specified in this report, the layoffs represent a small fraction of its global workforce. The company is also implementing a voluntary unpaid leave program for thousands of factory workers worldwide to manage short-term expenses amid an unpredictable economy and a significant decline in net income and sales. This move reflects the challenges in the competitive chip market, with Intel aiming to streamline operations while positioning itself for long-term growth.

Bridgit laid off 13 employees representing approximately 13% of its workforce on 2022-12-06.

Koinly laid off 16 employees representing approximately 14% of its workforce on 2022-12-06.

In December 2022, digital media company BuzzFeed laid off approximately 180 employees, representing 12% of its workforce, as part of a significant cost-cutting measure. The layoffs, announced on December 6, were driven by challenging macroeconomic conditions, including a pullback in advertising spending, the completion of its integration of Complex Media, and a strategic shift toward monetizing short-form vertical video. CEO Jonah Peretti stated the move was necessary to adapt to an economic downturn expected to extend into 2023. With around 1,522 employees at the end of 2021, the publicly traded company, which went public in late 2021, faced a widened net loss in Q3 2022 despite revenue growth, prompting a focus on optimizing its cost structure.

OneStudyTeam, a clinical trial workflow platform under parent company Reify Health, laid off 160 employees in December 2022, representing about a quarter of its workforce. The company cited a need to restructure and streamline operations after a period of extremely rapid growth and hiring. This move came despite Reify Health having secured significant funding earlier in the year, including a $220 million Series D round in April that valued the company at $4.8 billion. OneStudyTeam operates in the health tech industry, providing cloud-based software to accelerate clinical trials.

Israeli cybersecurity unicorn Perimeter 81 laid off 20 employees in December 2022, representing 8% of its then 250-person workforce. The company, which had reached a $1 billion valuation just six months earlier after raising $100 million, cited the need for business efficiency and productivity amid a broader economic downturn as the reason for the restructuring. Founded in 2018 and headquartered in Tel Aviv, the startup develops Security Service Edge and Zero Trust Network Access solutions.

Doma laid off 515 employees representing approximately 40% of its workforce on 2022-12-06.

Nextiva representing approximately 17% of its workforce on 2022-12-06.

Adobe laid off 100 employees on 2022-12-06.

Zuora representing approximately 11% of its workforce on 2022-12-06.

Israeli cloud security unicorn Aqua Security laid off 65 employees, representing 10% of its workforce, in December 2022. The company, which achieved a $1 billion valuation in 2021, cited changing market conditions and a need to focus on core activities for sustainable growth and profitability. This move reflects broader adjustments within the tech industry during that period, as the cybersecurity firm aimed to streamline operations while continuing to develop its cloud native security solutions.

DataRails, a financial planning and analysis platform, laid off 30 employees, representing 18% of its workforce, in December 2022. The company, which had 170 total employees prior to the cuts, cited a shift in market conditions toward profitability as the reason, despite reporting strong sales growth. Most of the affected roles were in sales and technical support in the U.S., while the firm continued hiring for product and tech positions in Israel. This move followed a $50 million Series B funding round earlier that year, as the company adjusted its strategy amid broader tech industry challenges.

Thinkific, a Vancouver-based online course platform, conducted another small round of layoffs last week, terminating more than a dozen staff, primarily in marketing roles. This follows a larger layoff in March 2022, when the company let go of 100 employees from its peak of 500. The recent cuts are part of a broader downturn in the tech sector, as the post-pandemic market correction impacts Canadian companies. Thinkific, which went public in 2021 and saw its stock price fall sharply, continues to launch new products like "Communities" and maintains its focus on growth in the knowledge economy, despite the ongoing adjustments to its workforce.

Elemy on 2022-12-05.

Route, a Utah-based tech company valued at over $1 billion, has conducted layoffs, describing the move as the toughest decision leadership has made. While the exact number of employees affected was not specified in the report, the company operates in the competitive technology industry and is considered a large-scale unicorn startup. The layoffs reflect broader challenges and adjustments within the tech sector, as even highly valued firms streamline operations to navigate economic pressures and ensure future sustainability.

Australian cryptocurrency exchange Swyftx is laying off 90 employees, representing 40% of its workforce, as a direct response to the severe market downturn following the collapse of FTX. Announced in a message to staff on Monday, CEO Alex Harper stated the cuts are a preemptive move to prepare for a potential prolonged crypto winter and further market shocks in 2023. Harper admitted the company had grown too rapidly, now having a team up to five times larger than its main domestic competitors. This is the second round of layoffs for Swyftx this year, following a reduction of 74 staff earlier, as the global crypto industry reels from the FTX fallout.

Bybit, a cryptocurrency exchange, conducted its second round of layoffs in 2022 on December 4th, reducing its workforce by 30% as part of a reorganization to survive the prolonged bear market. The company, which had grown to over 2,000 employees, made this difficult decision to refocus its structure and resources amid the industry slowdown. Affected employees received three months' salary as part of the offboarding process. This move followed an earlier round of layoffs in June, highlighting the ongoing challenges in the crypto sector during the downturn.

Oyo, the hospitality technology company, announced layoffs affecting 600 executives from its technology and product teams on December 3, 2022. This reduction represents about 10% of its 3,700-employee base. The company is streamlining operations by shutting down experimental projects like in-app gaming and merging teams to improve efficiency, particularly within its European vacation homes business. Concurrently, Oyo plans to hire 250 new employees in sales and partner relationship roles to strengthen its core business development and customer satisfaction efforts. The firm is offering support to affected employees, including assistance with job placement and extended medical benefits.

HealthifyMe, a Bengaluru-based healthtech and fitness startup, has laid off 150 employees, representing 15-20% of its total workforce, as part of a restructuring effort amid economic uncertainties. The layoffs, confirmed in early 2023, primarily affected roles in SME, quality analytics, product, and marketing. The company cited slower-than-expected growth, shifting market dynamics, and a strategic pivot toward its new "HealthifyMe 2.0" vision focused on metabolic health as key reasons for the move, aiming to steer toward profitability despite having a comfortable cash runway. Affected employees will receive a severance package including two months' salary, vested stocks, extended medical coverage, and outplacement support. This follows a period of significant funding, including a $75 million Series C round in 2021, but also an eightfold increase in net loss to INR 157 crore in FY22.

ShareChat laid off 100 employees on 2022-12-02.

Cognyte, an Israeli cybersecurity company, is laying off approximately 100 employees, representing about 5% of its workforce, in December 2022. This marks the company's second round of layoffs in recent months, driven by an effort to reduce salary expenses amid poor performance, a significant drop in sales, and declining revenues. The company, which primarily serves government clients, is facing challenges due to budget cuts and cancellations of potential deals, partly influenced by stricter export policies on surveillance tools. This move follows a trend in the Israeli tech sector, with another startup, Bizzabo, also announcing layoffs around the same time.

Lora DiCarlo, a sex tech startup founded in 2017, appears to have shut down by late 2022, effectively resulting in the layoff of its entire workforce. The company, which had raised about $9 million and employed around 20-50 people at its peak, faced operational collapse as its website went offline, orders went unfulfilled for months, and staff departed. While the exact number of employees affected is not specified, the closure followed challenges during the pandemic, including chip shortages and manufacturing issues, despite earlier publicity and a return to CES after a controversial 2019 blacklisting. The shutdown marks the end of a venture that aimed to innovate in the sexual wellness industry with tech-forward products.

Polly, a Vermont-based auto insurance startup formerly known as DealerPolicy, laid off 47 employees nationwide this week, representing about 15% of its workforce. The layoffs, which included 17 Vermont-based staff, were attributed by the company to inflationary pressures and a more demanding economic climate in the auto industry. This move comes roughly 16 months after Polly secured a $110 million investment from Goldman Sachs, following which it had rapidly expanded its team. The company stated the restructuring aims to improve capital and resource efficiency for future success, though some former employees suggested over-hiring after the investment was a contributing factor. Polly is providing severance, bonuses, and outplacement support to affected staff.

Singapore-based online marketplace Carousell laid off 110 employees on December 1, 2022, representing 10% of its total workforce. Approximately 50 of these job cuts were in Singapore, with the remainder spread across its other regional markets. The layoffs, affecting several business units including performance marketing, were driven by the company's need to reduce costs amid dimmed growth prospects and economic challenges like high inflation and geopolitical risks. CEO Quek Siu Rui admitted to over-hiring and overly optimistic investment pacing during post-pandemic expansion. Affected regular employees received a minimum of three months' salary and extended benefits. Carousell operates in the e-commerce and classifieds industry across multiple Southeast Asian countries.

Yapily, a UK-based open banking fintech company, announced layoffs affecting an unspecified number of employees as part of a restructuring effort to prioritize efficiency and achieve profitability amid a challenging economic climate. The decision, described by the founder and CEO as the most difficult moment in his tenure, was driven by the need to proactively adapt to signs of a potential recession and ensure the company's resilience. While Yapily continues to grow and onboard new clients, it reduced team sizes to navigate broader economic headwinds. The layoffs occurred around the time of the CEO's message posted three years ago, reflecting the company's scale as a fast-growing player in the financial technology industry.

In December 2022, the popular cycling and running app Strava laid off approximately 15% of its workforce, affecting at least 40 employees, including product designers and managers. This reduction came amid a wave of staff cuts across the broader technology and cycling industries. At the time, Strava had about 400 employees globally, with offices in San Francisco, Denver, Bristol, and Dublin. The company, which has raised $151 million in funding and boasts over 100 million registered athletes, did not publicly comment on the layoffs, which were confirmed by multiple current and former staff.

Springbig laid off 37 employees representing approximately 23% of its workforce on 2022-12-01.

Bizzabo, an event planning platform, is laying off 100 employees, which represents nearly 40% of its remaining workforce of 270. This marks the second major round of cuts in five months, following the dismissal of 120 staff in July, meaning the company has reduced its team by more than half since mid-2022. The layoffs, announced in December 2022, are part of a strategic organizational change aimed at achieving profitability amid ongoing financial uncertainty in the tech industry. Bizzabo, which had raised significant venture funding and expanded through acquisitions, is streamlining operations to reduce expenses.

In December 2022, coding bootcamp BloomTech, formerly known as Lambda School, laid off approximately 88 employees, representing about half of its total staff. This significant workforce reduction impacted teams across content, product, data, and engineering. The layoffs, the company's third major round since the pandemic began, were attributed to ongoing challenges in making its for-profit, incentive-aligned education model work in a difficult tech labor market. CEO Austen Allred acknowledged the struggles, noting increased competition for graduates amid widespread industry layoffs. The company, which had recently rebranded and adjusted its tuition financing options, provided affected employees with pay and benefits through January 2023.

Podium, a $3 billion customer-management startup based in Lehi, Utah, laid off 12% of its workforce on Thursday, December 1, 2022. With approximately 1,300 employees prior to the cuts, this reduction affected around 156 people. The company, which helps businesses communicate with customers, cited an uncertain macroeconomic environment, overhiring, and underperforming sales and customer experience decisions made earlier in the year. Amid a broader wave of tech layoffs and reduced venture capital funding, Podium is also extending its hiring slowdown, subleasing office space, and cutting software and perk expenses to control costs. Affected employees received six weeks of severance and healthcare coverage through January.

SQZ Biotech representing approximately 60% of its workforce on 2022-12-01.

Ula laid off 134 employees representing approximately 23% of its workforce on 2022-11-30.

Grin laid off 60 employees representing approximately 13% of its workforce on 2022-11-30.

Bengaluru-based edtech startup Teachmint laid off 45 employees last week, representing about 5% of its workforce, as part of a restructuring effort to build long-term efficiencies and address redundancies. The impacted roles were primarily in sales and operations. The company, which provides a video-first teaching platform for educators, offered a severance package including three months' pay, extended health coverage, and expedited ESOP vesting. This move comes amid a broader funding winter in the Indian startup ecosystem, where edtech firms have been particularly affected by the reopening of schools and a shift in investor sentiment. Teachmint, valued at $500 million after a $78 million Series B round last year, is among numerous Indian startups that have conducted layoffs in 2022.

Ualá, the Argentine fintech company, laid off 53 employees this Wednesday, representing approximately 3% of its total workforce across Latin America. The layoffs affected staff in Argentina, Colombia, and Mexico and were attributed to role redundancies following the company's mergers with four other regional firms this year: Wilobank, Ceibo Créditos, ABC in Mexico, and Empretienda. While acknowledging the broader fintech industry's challenges, Ualá clarified that these cuts were specific to internal restructuring rather than external financial pressures. The company continues to pursue growth, having recently announced plans to invest $150 million in the region and aiming to reach 25 million users in the coming years.

Kraken, a major cryptocurrency exchange founded in 2011, has laid off approximately 1,100 employees, representing about 30% of its global workforce. The decision, announced in November 2022, is a response to challenging market conditions, including significantly lower trading volumes and reduced client sign-ups driven by macroeconomic and geopolitical factors. This reduction brings the company's team size back to its level from just 12 months prior, following a period of rapid growth. As a long-standing player in the crypto industry, Kraken aims to sustain its business for the long term by aligning costs with current demand while continuing to focus on core product development. The company is providing comprehensive support to affected employees, including separation pay, benefits continuation, and career assistance.

Wonder laid off 130 employees representing approximately 7% of its workforce on 2022-11-30.