Layoff Events

In November 2022, the cloud data backup unicorn OwnBackup laid off over 170 employees, representing approximately 17% of its then workforce of about 1,000 people. The cuts affected staff in both its U.S. operations and its Israeli R&D center. This restructuring occurred within the broader tech industry downturn of 2022, impacting the cybersecurity and SaaS backup sector. OwnBackup, which had achieved a $3.35 billion valuation in 2021, is a venture-backed company providing data protection services to thousands of businesses globally.

Protocol, a tech-news website, is shutting down and laying off its entire staff. The closure was announced on November 15, 2022, resulting in the termination of all employees. While the exact number of affected staff is not specified, the complete shutdown indicates a 100% reduction. The decision reflects broader challenges in the digital media industry, where many outlets have struggled with profitability and sustainability. As a specialized publication in the journalism and media sector, Protocol's closure marks the end of its operations, with its parent company, CNN, confirming the news.

Deliveroo Australia, a food delivery service, ceased all operations and entered voluntary administration on November 16, 2022, effectively laying off its entire local workforce. This sudden exit from the Australian market resulted in the redundancy of approximately 120 direct employees and left 15,000 independent delivery riders without work. The company, which had operated in Australia since 2015, cited challenging economic conditions and an unsustainable market position. Despite a pandemic-driven surge in demand, Deliveroo fell behind major competitors like Uber Eats, Menulog, and DoorDash, concluding that achieving market leadership would require disproportionate investment with uncertain returns. The administration also impacted over 12,000 partner restaurants and an unknown number of customers, marking a full wind-down of its local business.

Properly, a Canadian real estate technology startup, laid off 71 employees on November 15, 2022, as part of a significant restructuring. The company's CEO cited a rapid deterioration in the Canadian housing market and a shift in startup funding conditions, which forced the company to scale back from its previous aggressive growth plans. The layoffs were a direct result of over-expansion during a more favorable market period in 2021. Properly, which operates as a modern, full-service brokerage, provided affected staff with severance, extended benefits, and career support.

Outside representing approximately 12% of its workforce on 2022-11-15.

UiPath laid off 241 employees representing approximately 6% of its workforce on 2022-11-15.

German website builder Jimdo has laid off approximately 50 employees, representing 16% of its workforce, which stood at 320 as of July 2022. The layoffs, effective immediately in November 2022, affect all departments and include positions outside Germany. CEO Matthias Henze cited an expected business downturn and a looming recession, explaining that the company's core customer base of small businesses is reporting declining revenues and cutting expenses, including on Jimdo's services. This follows a previous round of marketing team reductions in July. The Hamburg-based software company, which provides DIY website and online shop solutions, is restructuring to navigate potential economic turbulence.

Oatly, the Swedish oat milk company, announced plans for job cuts in November 2022 as investor sentiment soured. The plant-based food producer, which had grown rapidly following its IPO, faced mounting pressure to improve its financial performance and streamline operations amid a challenging market environment. While the exact number of employees affected was not immediately disclosed in the initial report, the layoffs were part of a broader restructuring effort aimed at reducing costs and refocusing the business. The move highlighted the growing pains within the competitive alternative dairy industry as companies adjusted to shifting consumer demand and investor expectations for profitability.

OfferUp representing approximately 19% of its workforce on 2022-11-15.

Sema4 laid off 500 employees on 2022-11-14.

Pipedrive laid off 143 employees representing approximately 15% of its workforce on 2022-11-14.

Cloudinary, an Israeli unicorn in the media asset management platform industry, laid off approximately 40 employees, representing 8% of its global workforce, in November 2022. The company, which had grown to around 500 employees, cited a restructuring effort to streamline operations and focus on maximizing value for clients across its product lines. This move followed a period of rapid expansion, including 30% workforce growth in the first half of 2022, reaching $100 million in annual recurring revenue, and an acquisition. Despite being bootstrapped since its founding and recently securing a $110 million secondary investment at a $2 billion valuation, Cloudinary made these cuts to adjust its organizational structure amid broader market shifts.

Intercom, the Irish-founded software company, announced on November 14, 2022, that it is reducing its global workforce by 13%, affecting 124 employees worldwide. In Ireland specifically, 39 jobs are being cut, representing a 5% reduction in its Irish headcount. This follows a previous smaller round of layoffs in September due to slower growth. The company, which has its global headquarters in San Francisco and a substantial operation in Dublin, stated the cuts will impact all departments and geographies. As part of a restructuring, Intercom is also relocating 14 roles from the US to Dublin, reaffirming its commitment to Ireland as its hub of innovation. This move aligns with a broader trend of workforce reductions in the tech industry during that period.

Cardlytics, a digital advertising platform company, announced on November 14, 2022, that it would terminate 51 employees. This workforce reduction occurred as the company underwent strategic changes, including the sale of its Bridg assets to PAR Technology. While the exact percentage of total employees affected was not specified in the announcement, the layoffs were part of a broader restructuring effort. Concurrently, the company appointed John Balen as Chairman. Following the news, the company's shares traded higher in after-hours trading.

Pear Therapeutics laid off 59 employees representing approximately 22% of its workforce on 2022-11-14.

In November 2022, e-commerce giant Shopee, the digital arm of parent company Sea, conducted its third round of layoffs for the year, affecting employees in Singapore, including teams in human resources and learning and development. This move was part of the company's ongoing efforts to optimize operating efficiency and achieve self-sufficiency amid challenging macroeconomic conditions and Sea's broader struggle toward profitability. While the exact number of employees impacted in Singapore was not disclosed, the layoffs followed previous job cuts in June and September 2022 across various regions and teams, reflecting a period of significant restructuring for the large-scale tech firm.

Tricida representing approximately 57% of its workforce on 2022-11-14.

Real estate proptech startup Ribbon has laid off approximately 170 employees, representing about 85% of its remaining staff, in a major round of cuts on November 19, 2022. This drastic reduction leaves the company with fewer than 30 employees. The layoffs follow a previous cut of 40% of its workforce in July 2022, which had reduced headcount to around 200. Founded in 2017 and backed by investors like Goldman Sachs, Ribbon provides software and temporary financing for homebuyers making all-cash offers. The company cited the need for a "re-balance" amid a severe downturn in the housing market, driven by soaring interest rates and falling demand, which has battered the proptech and mortgage sectors. This event is part of a wider wave of layoffs across the tech and real estate industries in late 2022.

iFIT, the Logan, Utah-based fitness technology company, has conducted another round of layoffs, reducing its global workforce by 20%. This follows previous job cuts and is attributed to ongoing supply chain challenges and a decline in consumer demand as the pandemic-driven home fitness boom subsides. The company, known for interactive exercise equipment like NordicTrack treadmills, is restructuring to navigate a post-pandemic market adjustment.

Science 37 laid off 90 employees on 2022-11-14.

In November 2022, African web3 startup Nestcoin laid off an unspecified number of employees following the collapse of the FTX cryptocurrency exchange. The company, which had raised a $6.45 million pre-seed round, held a significant portion of its operational assets—cash and stablecoins—in FTX to manage day-to-day expenses. As FTX's downfall left Nestcoin's funds trapped, the financial strain forced the startup to reduce its workforce. This event highlights the broader contagion risk within the crypto industry, as numerous firms faced similar exposures during the FTX bankruptcy.

Illumina laid off 500 employees representing approximately 5% of its workforce on 2022-11-14.

Amazon reportedly plans to lay off 10,000 employees this week as part of cost-cutting measures.

Forto laid off 60 employees representing approximately 8% of its workforce on 2022-11-11.

Juniper, a B2B commerce company under International Market Centers (IMC), announced layoffs in 2022 as part of a downsizing and reorganization. While the exact number of employees affected was not specified, the restructuring was significant enough to prompt the CEO, Bill Furlong, to step down and transition to a Senior Advisor role. The layoffs impacted many talented individuals, reflecting the tumultuous business climate of that year. Despite the reduction in team size, IMC aims to remain a leader in connecting manufacturers and brands with retail stores.

Chipax, a Chilean startup in the fintech/accounting software industry, recently conducted a significant layoff, describing it as the most difficult decision the company has faced. While the exact number of employees let go was not specified in the announcement, the company stated it had to part with a lot of talent to maintain a healthy business for the remaining team and clients. To support those affected, Chipax publicly shared a list of departed employees to aid their job search. The layoff occurred a couple of weeks prior to the post, which was made about three years ago, indicating the event took place around 2021. The context points to a strategic restructuring to ensure the company's sustainability, a common challenge for startups like Chipax, which is part of the Y Combinator S21 batch.

Offerpad representing approximately 7% of its workforce on 2022-11-11.

Veev, a proptech startup specializing in technology-enabled homebuilding, laid off approximately 100 employees in November 2022, representing about 30% of its workforce. This reduction occurred just eight months after the company raised a $400 million Series D round, bringing its total funding to $600 million and achieving unicorn status. The layoffs were attributed to a strategic shift to focus on developing low-rise housing units, leading to cuts in the team working on high-rise solutions. Prior to the layoffs, Veev employed around 350 people globally, including 100 in Israel.

Juul Labs announced on Thursday that it is laying off approximately 400 employees, which represents about one-third of its global workforce. This significant restructuring is part of a broader effort to reduce operating costs by 30-40% and stave off bankruptcy, following years of severe financial strain from legal challenges and regulatory actions. The e-cigarette maker, operating in the tobacco industry, secured emergency financing from early investors to maintain operations and continue its appeal against the FDA's marketing denial order. The company has faced numerous lawsuits and a declining market position, particularly after the FDA moved to ban its products earlier in the year.

Based on the provided content, there is no information about a layoff event at SendCloud. The text appears to be a generic sign-up or login interface for LinkedIn, containing no news, article content, or details related to SendCloud's operations, workforce, or any restructuring. Therefore, a summary of a layoff cannot be generated from this material.

Coinbase laid off 60 employees on 2022-11-10.

In November 2022, voice AI company SoundHound laid off approximately 10% of its workforce, affecting around 45 employees out of a total of 450. The Santa Clara-based firm, which had gone public via SPAC earlier that year, cited challenging market conditions and the need to streamline operations and focus investments on growth areas. The layoffs were accompanied by salary cuts for some remaining staff. SoundHound, founded in 2005, provides its voice AI platform to major clients like Mercedes-Benz and Hyundai and operates in the competitive artificial intelligence and automotive technology industry.

Wistia, a video hosting and marketing platform, laid off 40 employees across sales, engineering, operations, and marketing. This decision, announced by co-founder Chris Savage, was driven by a challenging economic environment. While the exact percentage and total workforce weren't specified, the layoffs represent a significant reduction for the company, which operates in the SaaS and video technology industry. The announcement was made with the aim of helping the affected, highly talented team members find new opportunities.

GoTo Group laid off 1,300 employees representing approximately 12% of its workforce on 2022-11-10.

Reforge, a professional education company focused on product and growth, has laid off an unspecified number of employees across engineering, product, marketing, recruiting, operations, and content development. CEO Brian Balfour announced the difficult decision, attributing it to the challenging macroeconomic outlook. He expressed deep personal responsibility for the layoffs and emphasized efforts to support the impacted team members through the Reforge network. While the exact scale of the reduction and total employee count were not disclosed, the company stated it is well-positioned to continue its mission of helping professionals advance their careers during volatile times.

ZenBusiness on 2022-11-10.

Voly on 2022-11-10.

Ocavu, a Utah-based tech company partnering with BYU on NFTs, has laid off 200 employees, representing a significant reduction from its workforce. The CEO described the cuts as eliminating "underperformers" to balance staffing, while also mentioning the company is receiving "major buyout offers." This restructuring follows a period where the company was valued at $1.9 billion last year, indicating a strategic shift in the competitive NFT and blockchain industry.

Blend, a California-based fintech company in the mortgage software industry, laid off employees in late 2022 as part of a restructuring effort. The layoffs, affecting approximately 10% of its workforce, were a response to significant financial challenges. The company reported a third-quarter loss of $133.98 million, driven by a sharp decline in mortgage banking and title insurance revenue amid a 63% drop in overall mortgage market volume. Despite growth in its consumer banking segment, the difficult housing market conditions necessitated cost-cutting measures to streamline operations and focus on core platform growth and product diversification.

Avast representing approximately 25% of its workforce on 2022-11-10.

Wavely representing approximately 100% of its workforce on 2022-11-10.

Redfin, a major real estate technology company, announced significant layoffs on November 9, 2022, cutting 862 employees, which represents 13% of its total workforce. This decision is part of a broader strategic shift to wind down its home-flipping business, RedfinNow, as the company faces a prolonged housing market contraction expected to last into 2023. The move follows earlier job cuts in June and comes amid a sharp decline in homebuying demand, with the company's quarterly losses widening. CEO Glenn Kelman noted the housing market in 2023 is projected to be 30% smaller than in 2021, necessitating these reductions to align with the challenging economic outlook. This reflects broader struggles within the iBuyer industry, where tech-driven home-flipping models have faced profitability issues.

Faze Medicines representing approximately 100% of its workforce on 2022-11-09.

RingCentral representing approximately 10% of its workforce on 2022-11-09.

AvantStay, a Los Angeles-based next-generation hospitality platform, laid off 144 employees on November 9, 2022, representing 22% of its workforce. This marked the company's second round of layoffs in 2022, following 43 job cuts in July. Co-founders Sean Breuner and Reuben Doetsch attributed the difficult decision to over-hiring based on overly optimistic growth forecasts, noting they hired for four times growth but achieved three times, with over $200 million in bookable revenue. They cited operational inefficiencies and ballooning costs as key factors. The hospitality industry company provided severance, extended healthcare, career support, and other assistance to affected employees while focusing on controlled future growth.

Spotify on 2022-11-09.

On November 9, 2022, Sequoia and Tiger Global-backed insurtech startup Plum laid off 36 employees, representing about 10% of its 350-person workforce. The co-founders cited tough market conditions and a global economic slowdown that has made venture capital firms more cautious, forcing the company to align its investments with new market realities. Founded in 2019, Plum provides a technology platform for group health insurance to corporate clients. The company stated it would offer comprehensive support to affected employees, including severance, healthcare benefits, and career assistance, while maintaining its focus on insuring 10 million lives by 2025.

Root Insurance laid off 137 employees representing approximately 20% of its workforce on 2022-11-09.

CloudFactory representing approximately 12% of its workforce on 2022-11-09.

Meta, the parent company of Facebook and Instagram, announced a significant layoff of over 11,000 employees on Wednesday, representing 13% of its workforce. CEO Mark Zuckerberg described this as one of the most difficult changes in the company's history, attributing the decision to rising costs and a need for greater efficiency. The move follows investor concerns after Meta's lukewarm fourth-quarter guidance and a 19% year-over-year increase in expenses to $22.1 billion in the third quarter. As a major player in the tech industry, Meta is also extending its hiring freeze and cutting discretionary spending while continuing its heavy investment in the metaverse.