Layoff Events

Thread, a fashion marketplace founded in 2012, underwent a pre-pack administration on November 30, 2022, resulting in layoffs for 30 employees who were not part of the acquisition deal. Marks & Spencer acquired Thread's intellectual property, including source codes and algorithms, to enhance personalization on its website. As part of the transaction, M&S hired 30 of Thread's former data scientists, software engineers, and creative teams, including the founders, to lead the integration. The layoffs affected the remaining staff immediately, as M&S focused on accelerating its personalization strategy in the retail industry, aiming to generate over £100 million in annual incremental revenue.

Elastic, a search and data analytics software company, announced layoffs affecting approximately 13% of its workforce in November 2022. This decision, made by CEO Ash Kulkarni, was driven by a challenging global macroeconomic environment that led customers, particularly small and medium businesses, to tighten budgets and scrutinize investments. To navigate this climate and emerge stronger, the company is refocusing on critical business areas, improving operational efficiency, and helping customers consolidate onto its platform for security, observability, and search use cases. Impacted employees, termed "Elasticians," were offered severance, extended healthcare, and career support.

In November 2022, the Munich-based e-learning startup StudySmarter laid off approximately 70 employees, primarily freelancers from its content department. This reduction followed the completion of a major growth initiative to cover the curricula of key academic subjects. The company, founded in 2018 and having raised $15 million the previous year, stated that these roles were specifically tied to that project. With over 400 employees and more than 10 million users at the time, the layoffs reflected a strategic shift after rapid expansion during the COVID-19 pandemic, which had boosted demand for digital learning platforms. StudySmarter continues to operate its mostly free, ad-supported platform for students and teachers.

Pinterest on 2022-11-30.

Sana representing approximately 15% of its workforce on 2022-11-30.

DoorDash laid off 1,250 employees representing approximately 6% of its workforce on 2022-11-30.

In December 2022, the autonomous vehicle startup Motional, a joint venture between Aptiv and Hyundai, conducted a round of layoffs affecting dozens of employees across its global operations. The company, which employed over 1,500 people at the time, framed the cuts as part of a strategic reallocation of resources to ensure long-term commercial success. This move reflected broader challenges within the AV industry, where high development costs and a difficult funding environment were prompting companies to conserve cash. Motional provided severance and outplacement support to the affected workers while stating its intent to continue hiring for critical roles.

Etermax laid off 40 employees on 2022-11-30.

CoinJar laid off 10 employees representing approximately 20% of its workforce on 2022-11-29.

MessageBird, a Dutch omnichannel communications platform provider, announced layoffs affecting approximately 31% of its workforce on November 29, 2022. CEO Robert Vis stated the decision was due to growing headcount too rapidly and failing to integrate acquisitions quickly enough. The company, which had been profitable after bootstrapping for six years and then investing for five, is now streamlining operations to refocus.

Firework representing approximately 10% of its workforce on 2022-11-29.

On November 29, 2022, Codexis, a leading enzyme engineering company in the biotechnology industry, announced a strategic corporate update that included a workforce reduction of approximately 18%. This layoff is part of a plan to prioritize resources on programs with the strongest commercial potential, discontinuing certain internal developments to enhance value and commercial discipline. The restructuring, expected to be largely complete by December 31, 2022, aims to lower operating expenses by about $15 million in 2023 and preserve the company's cash runway through the end of 2024. While the exact number of employees affected wasn't specified, the percentage indicates a significant cut as the company refocuses on high-potential areas for long-term growth.

Plerk, a startup in the HR and employee benefits space, has laid off approximately 40% of its team. The company's founder cited the challenging fundraising environment and an impending "startup winter" in 2023 as key reasons, stating the move was necessary to optimize the company's financial runway and reduce dependence on external investment. This difficult decision, described as one of the hardest the founder has made, was attributed to broader company circumstances rather than individual performance. The affected employees, referred to as "Plerkers," received their full severance, and the company is actively assisting them in finding new roles. The layoffs occurred as the company navigates a tough period for startups seeking capital.

Lazerpay, a Nigerian crypto payment startup, has commenced layoffs to extend its operational runway after a lead investor pulled out, thwarting its fundraising plans. The exact number of employees affected is not specified, but the downsizing follows earlier cost-cutting measures, including halting management salaries and reducing pay for other staff. Founded in 2021, the company, which aims to be the "Stripe for crypto payments," had helped 3,000 businesses globally. The layoffs, announced by CEO Njoku Emmanuel in late November 2022, are attributed to funding challenges, though he clarified they are unrelated to the FTX collapse. This move reflects broader pressures in the crypto and startup sectors.

Bitfront representing approximately 100% of its workforce on 2022-11-29.

Lyst, a UK-based fashion e-commerce marketplace, is laying off approximately 50 employees, representing 25% of its staff, as part of a restructuring effort to conserve cash flow and move toward profitability. The layoffs, confirmed in November 2022, come after the company raised funding at a $700 million valuation in 2021 and had previously planned for an IPO. The shift reflects broader challenges in the e-commerce sector, where online sales growth has slowed as consumers returned to in-store shopping, prompting the startup to adjust its financial strategy under new CEO Emma McFerran.

Bitso laid off 100 employees on 2022-11-29.

Inspectify on 2022-11-28.

In November 2022, the global chat-based direct hiring platform Hirect, which connects startups with job seekers, laid off approximately 40% of its workforce, affecting around 200 employees. This reduction was part of an organizational restructuring and a strategic shift in its business model, as stated by co-founder and CEO Raj Das. The layoffs reflect broader challenges in the startup ecosystem, where a slowdown in hiring—following a pandemic-era boom fueled by cheap capital—has particularly impacted companies like Hirect that specialize in startup recruitment. At the time, Hirect had around 472 employees, down from a peak of 600. The company, based in Bengaluru and San Francisco and operating in the HR tech industry, faced criticism from affected employees who reported delays in receiving severance pay and relieving letters after being asked to resign in mid-October.

ApplyBoard laid off 90 employees representing approximately 6% of its workforce on 2022-11-28.

The provided content does not contain any information about layoffs at Candy Digital. It appears to be exclusively a list of cryptocurrency prices and their percentage changes. There is no mention of layoffs, company size, industry context, or any related news event. Therefore, a summary of a layoff event for Candy Digital cannot be generated from this material.

FutureLearn on 2022-11-28.

NCX, a climate tech company operating a forest carbon marketplace, has laid off 40% of its workforce. The decision, announced today, was driven by persistent confusion and turbulence in the carbon market, which saw a reversal in consensus on quality standards for nature-based solutions in 2022, contrary to the company's expectations. While acknowledging broader economic pressures affecting tech firms, NCX stated the layoffs were necessary to ensure it can execute its mission of creating measurable climate impact at scale during this critical decade. The company, founded over a decade ago, expressed deep regret over parting with its talented team of foresters, scientists, and engineers and is providing severance and outplacement support to affected employees.

Infarm laid off 500 employees representing approximately 50% of its workforce on 2022-11-28.

ResearchGate, a professional network for scientists and researchers, has laid off 10% of its workforce due to economic challenges affecting the tech industry. The company's CEO, Ijad Madisch, announced this difficult decision, emphasizing it was necessary to restructure and focus on key growth areas for future success. While the exact number of affected employees wasn't specified, the reduction reflects broader industry pressures, aiming to streamline operations while continuing to support the scientific community.

Ajaib, a prominent Indonesian online stock trading platform, conducted a round of layoffs in early 2023, affecting approximately 10% of its workforce. The company, which operates in the competitive fintech industry, cited a strategic restructuring to enhance operational efficiency and navigate global economic uncertainties as the primary reasons for the workforce reduction. This move reflects broader trends in the tech and startup sectors, where companies are adjusting their growth strategies in response to shifting market conditions.

The provided content appears to be a list of cryptocurrency prices and does not contain any information about layoffs at BlockFi. Therefore, I cannot generate a summary of a layoff event from this data. To create a description, I would need an article or report detailing the specific layoff event, including the number of employees affected, the context, and the date.

Spora Health, a Bay Area healthcare startup founded in 2019 to address racial disparities in healthcare, laid off its entire workforce and effectively shut down operations in late 2022. The company, which had raised $4.1 million in funding and was previously reported to be serving a small patient base, faced significant struggles despite its founder's public claims of rapid growth and partnerships with large enterprises. The layoffs occurred following internal challenges, contrasting sharply with the optimistic portrayal of expansion and serving "thousands" of patients. This event highlights the difficulties faced by health-tech startups in scaling their mission-driven models.

Ledn on 2022-11-28.

Wildlife Studios, the mobile gaming company behind titles like Tennis Clash and Zooba, has laid off nearly 300 employees, primarily from its studios in Brazil and Argentina. This significant reduction, described by staff as "massive," represents a strategic shift as the company cancels all initiatives outside the mobile game space to refocus on core game development. The layoffs, announced recently, affected a wide range of roles including engineering, art, design, and data science. Despite this contraction, Wildlife has been actively expanding through new studio investments in locations like Helsinki and Stockholm, indicating a reallocation of resources within the competitive mobile gaming industry.

Change Invest representing approximately 24% of its workforce on 2022-11-27.

Zilch on 2022-11-26.

In November 2022, VerSe Innovation, the Indian startup behind apps like Dailyhunt and Josh, laid off 150 employees, representing 5% of its 3,000-strong workforce. The company, valued at $5 billion and backed by investors including Google and Microsoft, also implemented an 11% salary cut for remaining staff earning above a certain threshold. This restructuring was driven by a challenging economic climate and a severe downturn in the advertising market, which significantly impacted the consumer tech industry. Despite raising over $800 million earlier that year, the startup took these measures to streamline costs and ensure long-term business viability.

Carwow laid off 70 employees representing approximately 20% of its workforce on 2022-11-25.

Nigerian food procurement startup Vendease laid off 27 employees, representing 9% of its nearly 300-strong workforce, in late November 2022. The company stated the decision was performance-based and not due to the broader economic climate, noting it had tripled its staff and grown revenue fivefold over the previous year. After placing affected employees on improvement plans for months, Vendease offered severance packages. The layoffs occurred despite the company having raised a $30 million Series A round just two months prior to expand its operations across Nigeria and Ghana.

Nigerian cryptocurrency exchange Quidax laid off 20 employees in November 2022, representing 20% of its workforce of just over 100 people. The company cited unfavorable macroeconomic conditions and the need to proactively position itself for a potential market downturn as reasons for the reduction. This move followed earlier cost-cutting measures, including temporary salary reductions. Quidax, founded in 2017, operates in the fintech and cryptocurrency industry and stated the layoffs were unrelated to the contemporaneous FTX bankruptcy. Affected employees were offered a severance package and transition support.

Utopia Music, a Switzerland-headquartered music technology company, has conducted significant layoffs within its global workforce, primarily affecting its central team, including high-level executives, and its tech-focused employees. The company, which employs approximately 1,200 people globally (including contractors and around 800 employees), cited the need to optimize its business and realize cost synergies following rapid growth over two years, including 15 acquisitions. The layoffs, announced on November 24, 2022, are part of a broader trend of job cuts in the tech-leaning music industry, as the company shifts focus toward sustainable growth and its mission of "Fair Pay for Every Play."

Menulog, the Australian food delivery service owned by Amsterdam-based Just Eat Takeaway.com, has cut a small number of jobs at its Sydney head office as part of a global cost-cutting and restructuring effort. While the exact number of layoffs was not disclosed, the company described it as a reduction in management and support roles to improve operational efficiency. This move reflects broader challenges in the food delivery sector, which is shifting focus from pandemic-era growth to profitability amid investor pressure. The layoffs occurred in late 2023, following similar contractions by rivals like Deliveroo and Voly in Australia. Menulog, with a significant market share and 16 years of operation in the region, aims to maintain its position as a sustainable business despite industry-wide adjustments.

Lemon, a cryptocurrency startup, laid off 38% of its workforce in Argentina and Brazil in November 2022. The decision, announced by co-founder and CEO Marcelo Cavazzoli, was driven by a challenging market environment characterized by falling crypto prices, reduced venture capital funding, and the broader industry downturn. Cavazzoli emphasized the move was a strategic step to make the company more sustainable and less dependent on future funding rounds, aiming to ensure agility during a prolonged bear market. He clarified that the layoffs were unrelated to the collapse of FTX, though Lemon had previously withdrawn user funds from the platform as a precaution. The restructuring reflects the intense pressures faced by crypto startups during this period of industry consolidation.

Toronto-based rapid local commerce delivery startup GoodGood has ceased operations entirely, resulting in layoffs for all 60 of its employees. The company, which operated in the quick commerce and food delivery industry, announced its shutdown on November 21, 2023, after failing to secure additional funding. Founded in 2021 and having raised a $6.5 million CAD seed round, GoodGood built a network of cafés and delivery services in downtown Toronto. The startup cited a severe downturn in venture capital availability, coupled with high interest rates, inflation, and a looming recession, as the primary reasons for its closure. This reflects broader challenges in the rapid delivery sector, where even larger players have scaled back. The company is assisting its retail-focused staff in finding new positions at other local businesses.

SWVL, a Dubai-based mass transit and mobility services provider, has conducted a second round of layoffs, cutting 50% of its remaining workforce in November 2022. This follows an earlier reduction six months prior, where over 400 employees (32% of the workforce) were let go. After these cuts, the company's headcount dropped from over 900 to just over 450 employees. The layoffs, affecting teams in Dubai and Pakistan, are part of a broader effort to achieve positive cash flow and reevaluate operations in smaller markets, with reports indicating a complete shutdown in Pakistan. The company, which expanded rapidly through acquisitions across 20 markets, is now scaling back due to economic challenges and overexpansion.

Assure representing approximately 100% of its workforce on 2022-11-23.

Muni Tienda representing approximately 100% of its workforce on 2022-11-23.

Flash Coffee, a Singapore-headquartered tech-enabled coffee chain backed by Rocket Internet, conducted region-wide layoffs in November 2022, affecting staff in markets including Singapore and Indonesia. The exact number of employees impacted and the percentage of its workforce remain undisclosed, as the company did not comment on the retrenchments. This move occurred amid a weakening economic climate, positioning Flash Coffee among other startups resorting to staff cuts. The chain, known for its vibrant kiosks, had rapidly expanded to over 250 outlets across seven countries within two years, fueled by significant venture capital investment.

On November 10, 2022, Zenvia, a communications technology company, conducted a significant layoff affecting its subsidiary Movidesk, a helpdesk solutions provider it acquired the previous year. Approximately 118 employees were dismissed, primarily from Movidesk, impacting nearly all departments including HR, finance, and controlling. This reduction represented about 9% of Zenvia's total workforce. The layoffs, executed via videoconference, were attributed to redundancies following the acquisition integration, a challenging global economic climate, and cost-cutting measures aimed at preserving cash and improving EBITDA. The move was described as part of a broader restructuring effort within the tech industry.

Western Digital laid off 251 employees on 2022-11-22.

Israeli fintech company Rapyd is laying off dozens of employees in the coming months, following its acquisition and merger with Icelandic company Valitor. The downsizing comes as the Tel Aviv-based digital payments platform integrates operations after completing the delayed $100 million Valitor deal, which added about 300 employees globally. Rapyd, valued at $8.75 billion in 2021 and operating in the competitive fintech sector alongside players like Stripe and PayPal, is restructuring its workforce as part of planning for 2023-2024. The layoffs, announced in November 2022, affect various teams and management levels, reflecting post-merger consolidation in the high-growth tech industry.

Reynen Court, a legal technology company known as the "app store of law," is implementing layoffs and reducing expenses amid economic challenges. While the exact number of employees affected hasn't been disclosed, at least two staff members have publicly announced their departures. The company, which has raised over $20 million in venture funding, is cutting costs after discontinuing an online stock offering due to unfavorable market conditions. CEO Andrew D. Klein emphasized that Reynen Court is not shutting down but is instead seeking new investment to navigate the downturn. As a result, vendor services may experience delays, and the vendor portal has been temporarily suspended. Founded in 2017 with backing from major law firms, the company aims to simplify cloud-based technology adoption for legal professionals.

SIRCLO laid off 160 employees representing approximately 8% of its workforce on 2022-11-22.

Trax, the Israeli-Singaporean retail technology company, laid off 80 employees in November 2022, representing approximately 8% of its workforce of 900 employees and 100 subcontractors. The layoffs affected both its global operations and its Israeli branch, which employed 200 people, at a similar proportion. The company, which develops technology for consumer goods manufacturers and retail chains, did not publicly disclose the specific reasons for this workforce reduction.