Layoff Events

Natera on 2022-11-22.

In Q4 2022, African e-commerce giant Jumia laid off over 900 employees, representing 20% of its total staff, as part of a major restructuring effort to streamline operations and reduce losses. The cuts included a 60% reduction in managerial roles in Dubai, with remaining staff relocating to African offices. Under new acting CEO Francis Dufay, the company aimed to bring leadership closer to its core markets in Africa. These layoffs, alongside exiting non-core businesses like Jumia Prime and scaling back logistics and grocery services, contributed to a 30% monthly savings in staff costs. Jumia targeted halving its losses, aiming to end 2023 with $100-120 million in losses, down from $207 million in 2022.

GloriFi representing approximately 100% of its workforce on 2022-11-21.

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Kitopi laid off 93 employees representing approximately 10% of its workforce on 2022-11-21.

Zomato, the Gurugram-based food delivery and restaurant aggregator, has initiated layoffs impacting at least 100 employees, which represents about 4% of its workforce. The job cuts, reported in November 2022, are part of a cost-cutting effort to steer the company toward profitability amid a broader funding crunch affecting Indian startups. The layoffs have affected roles across product, technology, catalogue, and marketing departments, particularly those deemed redundant, while supply chain roles were spared. This move follows a series of high-level executive departures and the discontinuation of Zomato's food delivery service in the UAE, reflecting a period of strategic restructuring for the company.

Based on the provided article content, there is no information available regarding a layoff event at Ruangguru. The text only indicates a technical issue requiring JavaScript to be enabled for the website to function. Therefore, a summary of layoff details cannot be generated.

Splyt, a technology company, is laying off 57 employees, placing them at risk of redundancy. The layoffs were announced by the founder, who cited a failure to secure necessary funding in a rapidly changed economic environment as the primary reason. This difficult decision comes after the company pursued a growth-over-profit strategy during the pandemic and later explored various funding options, including investment and acquisition. The founder expressed deep regret and takes full responsibility, stating the company will now return to its core business. The announcement was made with a commitment to supporting the affected staff during the transition.

Unchained Capital, a bitcoin-native financial services company, has laid off an unspecified number of employees as part of a restructuring to navigate a turbulent market environment. The decision, announced in late 2022, was driven by materially constrained funding for bitcoin-backed loans following the collapse of several major lenders and exchanges in the cryptocurrency industry. While the exact scale of the layoffs relative to total staff was not disclosed, the company emphasized its strong financial position and record growth in clients and trading volumes, attributing its resilience to a focus on self-custody and eliminating counterparty risk. This move is a strategic adjustment to ensure long-term stability amid widespread industry turmoil.

In November 2022, autonomous delivery startup Nuro laid off approximately 300 employees, representing 20% of its workforce. The company, backed by major investors like SoftBank and Google, cited the need to preserve cash amid challenging economic conditions. Co-founders attributed the cuts to over-hiring during the strong fundraising environment of 2021, which clashed with the economic headwinds of 2022. This restructuring followed a period of rapid growth, including a $600 million funding round a year prior that had valued Nuro at around $8.6 billion.

Synthego laid off 105 employees representing approximately 20% of its workforce on 2022-11-18.

Carvana laid off 1,500 employees representing approximately 8% of its workforce on 2022-11-18.

StoryBlocks, a stock media and video content company, recently underwent a significant restructuring, resulting in substantial layoffs. While the exact number of employees let go was not publicly disclosed in the CEO's announcement, the reduction was described as deep and impactful, affecting many strong performers. The decision was made to realign company expenses and focus on a narrower set of priorities. This difficult workforce reduction occurred in late 2023, marking a challenging period for the company, which has been in operation for over a decade. The layoffs have affected the team's morale, but leadership expressed confidence in moving forward.

Fintech firm Capitolis is laying off 25% of its workforce due to depressed market conditions that have stifled growth in its recently launched capital marketplace unit, which connects institutional investors with banks. The layoffs, announced in November 2022, include senior figures such as co-head of equity finance James Kibbe and other leaders in the capital marketplace business. The cuts reflect broader challenges in the financial technology sector as market volatility impacts new ventures.

Metaplex, the Solana-based NFT protocol, is laying off an unspecified number of employees following the collapse of FTX in November 2022. While the company's treasury was not directly impacted, the broader market turmoil and the significant drop in Solana's native token SOL—a favorite network of FTX's founder—have pressured the NFT ecosystem. The layoffs come amid a prolonged crypto bear market, declining NFT sales on Solana, and the underperformance of Metaplex's governance token MPLX. The company, which raised $46 million in early 2022, is navigating these challenges as the industry grapples with the fallout from major crypto failures.

Kavak on 2022-11-18.

In November 2022, the Dublin-based corporate gifting technology company &Open laid off nine employees, representing less than 10% of its global workforce of over 100 people. The job cuts were attributed to ongoing economic uncertainty, prompting the company to exercise caution. As part of the restructuring, the founders and executives also took pay cuts. &Open, founded in 2017, provides a platform for brands to send curated gifts to enhance customer loyalty and retention. The company, which had raised $26 million earlier in 2022 to expand operations, offered affected staff three months' pay in lieu of notice and covered unused leave.

Orchard, a vertically integrated power-buying company in the real estate industry, laid off 180 employees on November 17, 2022, marking its second round of workforce reductions this year. This cut represents approximately 23% of its workforce, leaving about 600 remaining employees. The company cited a severe disruption in the housing market, with mortgage rates rising at an unprecedented pace over the past century, leading to decreased buyer activity and lower industry volume forecasts for 2023. To navigate this uncertainty and ensure long-term sustainability, Orchard implemented these layoffs as part of broader cost-cutting measures, restructuring its teams with significant impacts on mortgage and customer experience departments.

Homepoint laid off 113 employees on 2022-11-17.

Capitolis, an Israeli fintech company, laid off 37 employees in November 2022, representing approximately a quarter of its workforce. Among those affected, 14 were based in Israel. This move was part of a broader wave of layoffs within the high-tech sector, reflecting industry-wide adjustments and economic pressures at the time.

Koho, a Canadian fintech company, is among at least 10 tech firms in Canada that have recently conducted layoffs as the industry braces for a prolonged economic downturn. The company, alongside others like Properly, TealBook, D2L, and League, is cutting staff to reduce costs and extend its financial runway amid challenging market conditions. This trend is driven by a tough fundraising environment, rising interest rates, and inflation, which have forced companies across various sectors to adjust their growth expectations and workforce size. While specific numbers for Koho's layoffs are not detailed in the article, the broader context highlights a significant wave of job cuts in the Canadian tech scene during late 2022, reflecting efforts to navigate uncertain economic times.

TealBook laid off 34 employees representing approximately 19% of its workforce on 2022-11-17.

Streaming platform Roku announced on November 17, 2022, that it will lay off 200 employees in the U.S., representing about 7% of its workforce, which totaled approximately 3,000 full-time employees as of late 2021. The company cited challenging economic conditions, including inflationary pressures and a significant slowdown in advertising spending, as the primary reasons for the restructuring. This move, aimed at reducing operating expenses and focusing on strategic priorities, is part of a broader wave of layoffs across the tech and media industries. Roku expects to incur related charges of $28-31 million, with the process largely completed by early 2023.

Morning Brew, a media company known for its business news and newsletters, laid off approximately 14 employees, representing about 40% of its staff, in early 2024. The layoffs were part of a restructuring effort by its parent company, Insider Inc., aimed at streamlining operations and focusing resources on core business areas. This significant reduction impacted the digital media industry, reflecting broader challenges in the advertising and content landscape. The company, which operates at a mid-sized scale, continues to publish its flagship newsletter and other content following the restructuring.

Juni laid off 72 employees representing approximately 33% of its workforce on 2022-11-17.

Chili Piper, a B2B SaaS company in the revenue operations and scheduling software industry, has laid off 58 employees, referred to internally as "Pipers." This marks the company's first-ever round of layoffs, a decision described as difficult and painful by its founders, Nicolas and Alina. The announcement was made in a LinkedIn post, where the leadership took full responsibility for the circumstances leading to the workforce reduction. While the exact percentage of the total team affected was not specified, the company emphasized its commitment to supporting the departing employees and encouraged the community to help connect them with new job opportunities. The layoffs reflect broader economic challenges impacting the tech startup sector.

D2L, a company specializing in digital learning solutions, announced on November 16, 2022, that it reduced its workforce by approximately 5% as part of a strategic shift to balance growth and profitability amid economic uncertainties. While the exact number of employees affected was not specified, the layoffs reflect the company's focus on navigating the current environment while continuing to invest in product development and client services. D2L is providing severance benefits and transition support to those impacted, emphasizing its commitment to long-term success in the education technology industry.

In November 2022, Israeli web analytics firm SimilarWeb announced a workforce reduction of 10%, laying off 120 employees from its total of 1,250. The company, which provides a platform for measuring and predicting web user behavior, cited a deteriorating economic environment as the reason. CEO Or Offer explained that after rapid growth during the pandemic, anticipated conditions for 2022 had worsened, with inflation, interest rate hikes, and potential recession impacting the global economy. To accelerate its path to positive cash flow in 2023, SimilarWeb adjusted its cost structure, leading to this difficult decision. The layoffs occurred as the company reported a 41% year-over-year revenue increase to $50 million for Q3 2022, alongside a growing operating loss.

Amazon laid off 10,000 employees representing approximately 3% of its workforce on 2022-11-16.

Cisco laid off 4,100 employees representing approximately 5% of its workforce on 2022-11-16.

In a difficult move, real estate technology company Homeward laid off 25% of its workforce. The CEO stated this was a necessary decision to position the company for long-term strength and future growth. While the exact number of employees affected wasn't specified, the layoffs impacted dedicated staff across the organization. Announced in a company post, the leadership emphasized their mission remains unchanged to streamline home buying with innovative financing. They plan to expand offerings and geography in 2023 and provided support for affected employees, including sharing a public list for potential employers.

On November 16, 2022, Irish fintech unicorn Wayflyer laid off 40% of its global workforce, affecting 200 employees. The company, which provides revenue-based financing to ecommerce businesses, admitted it had scaled too aggressively, growing its headcount fivefold in 2021. This rapid expansion, coupled with a challenging macroeconomic environment that has increased lending risks in the ecommerce sector, led to the significant cuts. The layoffs were part of an effort to strengthen the company's financial position after it achieved unicorn status earlier in the year.

In November 2022, Kenya's B2B e-commerce and food distribution platform Twiga laid off 211 full-time employees, representing 21% of its workforce of over 1,000. The layoffs were part of a restructuring that eliminated the company's in-house sales team as a cost-cutting measure. Affected trade development representatives were offered the option to transition into independent sales agents working on a commission basis, aligning with a new optimized sales program. The agritech company, which connects farmers and manufacturers to retailers, stated the move was made in compliance with labor laws and aims to create entrepreneurial opportunities while controlling operational expenses.

Hopin, a virtual event management platform, conducted its third round of layoffs in 2022, cutting an additional 17% of its workforce in November. This followed a previous reduction of 29% earlier in the summer, affecting senior roles including the VP of product and head of data science. The layoffs are part of a broader company transformation and coincide with new product launches, as the tech industry adjusts post-pandemic. The exact number of employees affected and the total company size were not specified in the available content.

Dance, a micromobility startup focused on creating more livable cities, has laid off 16% of its team due to the uncertain economic climate. The company's CEO, Eric Quidenus-Wahlforss, announced the difficult decision, emphasizing a shift toward a more cost-conscious approach to sustain their mission. While the exact number of affected employees wasn't specified, the move reflects broader industry challenges. The company plans to support impacted team members by sharing an alumni list to aid their job search.

Kite, an AI-powered coding assistant startup, ceased operations in November 2021 after failing to achieve sustainable monetization. The company, which had grown to 500,000 monthly active developers without significant marketing, ultimately could not convert its user base into paying customers, as individual developers were unwilling to pay and managers did not see enough value in marginal productivity gains. Additionally, the founders acknowledged being ahead of the market, with AI technology not yet advanced enough to deliver the transformative 10x improvement needed. The entire team was laid off as the company wound down, marking the end of its seven-year journey from 2014 to 2021.

Salsify laid off 90 employees representing approximately 11% of its workforce on 2022-11-16.

Tel Aviv-based marketing technology unicorn Yotpo laid off 70 employees in November 2022, representing about 9% of its then 825-person workforce. The company, which provides e-commerce marketing solutions like reviews and SMS marketing, had aggressively expanded its team after securing a $230 million funding round at a $1.4 billion valuation in March 2021. However, citing a downturn in the global economy and a need to streamline operations, Yotpo made the difficult decision to reduce its headcount, with 30 of the layoffs occurring in its Israeli headquarters.

Infogrid on 2022-11-16.

Pear Therapeutics laid off 59 employees representing approximately 22% of its workforce on 2022-11-16.

Lokalise, a localization and translation software company, announced a significant workforce reduction on November 16, 2022. The company laid off 76 employees, representing 23% of its team. This decision was driven by a combination of a slowing global economy, which led to reduced customer spending, and internal strategic missteps. The founders acknowledged they had hired too rapidly, integrating 200 new members unsustainably, and pursued too many initiatives at once, losing operational focus. While most departments were affected, the Operations, Sales, and Marketing teams saw the deepest cuts, with Product and Engineering being least impacted to maintain development priorities.

Rubicon Technologies representing approximately 11% of its workforce on 2022-11-15.

Tencent on 2022-11-15.

The Zebra laid off 50 employees on 2022-11-15.

In November 2022, Vancouver-based insurtech company Apollo Insurance laid off approximately 25% of its staff across various departments. The cuts were attributed to a "renewed focus" for the organization after the business failed to meet its revenue targets for the year. Co-founder David Dyck stated the changes were intended to improve coverage and pricing to achieve a more sustainable business model, while emphasizing that technology and product offerings would not be reduced. The company, backed by investors like Liberty Mutual, Definity, and Trisura, planned to continue investing in technology and introduce new capabilities for brokers despite the workforce reduction.

Asana, a work management software company, announced a significant reduction in its global workforce. The layoffs affected a number of employees, described as exceptionally talented and mission-driven individuals. While the exact number of impacted employees is not specified in this post, the announcement reflects a difficult decision made by the company's leadership. The context suggests this is part of broader industry adjustments, as evidenced by the supportive comments from the professional community offering job connections and hiring alerts. The company expressed deep gratitude to the departing employees and reaffirmed its commitment to its customers and partners.

Nirvana Money, a fintech startup, has laid off approximately 20 employees, which represents about 25% of its total workforce of 80. The layoffs, occurring in early 2024, are part of a strategic restructuring aimed at extending the company's financial runway and refocusing on core product development amid challenging market conditions in the financial technology sector.

Messaging app Rakuten Viber has laid off 45 employees, representing 8% of its global workforce of 550 people. This marks the first significant round of cutbacks since the company's founding 12 years ago. Announced in November 2022, the layoffs are part of a strategic refocus to invest more heavily in developing its fintech and utility products, following the launch of payment features earlier that year. The company, which operates in the consumer technology and messaging industry and boasts 250 million users, stated the decision was essential to adapt to changing market conditions and shift from being just a messaging app to a broader service platform. Approximately 20 of the affected employees were based in Israel.

Czech startup Productboard laid off 100 employees, representing 20% of its workforce, in November 2022. The company, a product management platform provider valued as a unicorn, cited the deteriorating macroeconomic environment and reduced corporate demand for new software as reasons for the difficult decision. Despite raising significant funding earlier that year and maintaining healthy finances, the founders proactively reduced costs to prepare for anticipated tougher times ahead.

Whispir, a cloud-based communications technology company, is laying off 30% of its workforce to accelerate its path to cashflow breakeven and achieve millions in annual savings. The job cuts, announced in mid-November 2022, were welcomed by investors, leading to a more than 40% surge in its share price. The company, which had faced balance sheet concerns, is restructuring to improve its financial sustainability in the competitive tech industry.