Layoff Events

In November 2022, Berlin-based fintech Smava laid off around 100 employees, representing approximately 15% of its workforce, as part of a cost-cutting program amid a strained economic climate. This marked the company's second round of layoffs in just a few months, following a previous reduction in August. After these cuts, Smava's employee count dropped to about 700. The company, which specializes in consumer credit brokerage and had been on a growth trajectory, including acquiring competitor Finanzcheck in 2021, faced pressures from global economic challenges, particularly following the outbreak of the war in Ukraine. The layoffs affected all areas of the business, reflecting broader difficulties in the fintech sector during this period.

Oracle, a major enterprise software and cloud computing company, laid off as many as 200 employees within its crucial Oracle Cloud Infrastructure (OCI) unit on Tuesday, November 1, 2022. This move is significant because the cloud unit had previously been largely protected from the company's broader cost-cutting efforts throughout the year. While the layoffs represent a small percentage of OCI's approximately 10,000 employees, they signal a shift, impacting teams across OCI including Object Storage, operations, and engineering. This follows earlier layoffs in another cloud unit and reflects ongoing restructuring amid low morale following wider job cuts earlier in the year.

Norwegian online grocery retailer Oda is laying off 70 employees, representing 18% of its approximately 400-person "group services" division, which handles expansion and long-term projects. The cuts, announced in November 2022, are part of a strategic shift toward faster profitability in response to a changed capital market environment. Founder Karl Munthe-Kaas cited the war in Ukraine, rising interest rates, and a downturn in the tech and e-commerce sectors as key reasons. The company, which operates in Norway and Finland, is scaling back its growth pace, including a slower rollout in Germany, while securing new funding at a lower valuation.

Help Scout on 2022-11-01.

In November 2022, fintech lending giant Upstart laid off approximately 140 employees, representing 7% of its then 2,000-strong workforce. The company, which operates a cloud-based AI lending platform, attributed the staff reduction to ongoing economic challenges and a significant decline in loan demand, driven largely by the Federal Reserve's interest rate hikes to combat inflation. This downturn led to a sharp drop in Upstart's loan volumes and a dramatic 84% fall in its share price over the year. The layoffs, focused on roles processing loan applications, were described as a difficult but necessary step for the company's long-term health, with no further cuts anticipated at that time.

In November 2022, Brazilian mobile game developer Tapps Games laid off approximately 10 employees, representing about 12.5% of its workforce of over 80 people. The layoffs were part of a broader trend affecting the Brazilian tech and gaming industry, driven by economic pressures and a cautious investment climate. Venture capital firms, including Sequoia Capital, had advised portfolio startups to preserve cash amid market volatility and geopolitical tensions like the Ukraine war. As one of Brazil's largest game developers, Tapps Games' cuts reflect the challenging environment for companies in the mobile gaming and broader tech sectors during that period.

Argo AI laid off 259 employees on 2022-11-01.

Gem laid off 100 employees representing approximately 33% of its workforce on 2022-11-01.

Brightline representing approximately 20% of its workforce on 2022-11-01.

Edtech startup Doubtnut laid off an estimated 30-40% of its workforce over the past year, a significant reduction driven by a need to drastically cut costs. The company, which had raised about $50 million in total funding, struggled with a high cash burn and delayed monetization, making it difficult to secure fresh capital or find an acquirer. To control expenses, Doubtnut reduced its monthly burn by over 80% by March 2023, which included shutting down several exam preparation verticals and rationalizing teams in sales, academics, and marketing. While the exact number of employees affected is not specified, the severe cut in employee benefit expenses indicates a large-scale layoff. The company has since focused on growing its YouTube-based revenue channels.

Swedish digital healthcare company Kry is laying off around 300 employees, representing 10% of its workforce, as part of a strategic move to achieve profitability within the next 18 to 24 months. The company, which operates in the health tech industry, reports that its Swedish operations are already essentially profitable. This restructuring, announced in April 2026, aims to streamline operations and accelerate its path to overall financial sustainability.

In September 2022, the SaaS-based e-commerce platform Dukaan laid off 23 employees. This decision was part of a strategic shift by the Bengaluru-based startup, which moved its focus from serving small and medium-sized businesses (SMBs) to targeting direct-to-consumer (D2C) brands and enterprises. Founder Suumit Shah explained that roles in areas like live chat support became less critical after this pivot and due to increased automation. While the exact percentage of staff affected is unclear as the total employee count was not disclosed, the layoffs reflect the company's realignment within the competitive e-commerce enablement industry, following its $11 million Pre-Series A funding round in 2021.

EquityZen laid off 30 employees representing approximately 27% of its workforce on 2022-10-31.

Notarize laid off 60 employees on 2022-10-31.

Equitybee, an Israeli-founded startup that operates a marketplace for employees to exercise stock options with investor backing, laid off 25 employees in October 2022. This represented 20% of its then approximately 130-person workforce across Israel and the United States. The company, which had raised $85 million in venture capital, cited significant market changes as the reason for the restructuring. To streamline operations, Equitybee decided to sharpen its focus on the U.S. market and on serving employees at companies in high demand among its investor community. While maintaining its service in Israel, the layoffs were part of a strategic shift to navigate the tougher economic climate affecting the tech industry at the time.

Amazon laid off 150 employees on 2022-10-28.

Fifth Season laid off 100 employees representing approximately 100% of its workforce on 2022-10-28.

Advata laid off 32 employees representing approximately 21% of its workforce on 2022-10-28.

In late 2022, German e-commerce company Springlane laid off 35% of its workforce as part of a major strategic shift. Facing rising raw material and energy costs, a challenging economic and geopolitical climate, and an anticipated loss after several profitable years, the company decided to reorganize from a growth-focused model to one prioritizing profitability. This restructuring involved a sharp focus on business areas with a strong product-market fit, leading to the difficult decision to part ways with a significant portion of its valued employees. The layoffs underscore the pressures on the consumer goods and e-commerce industry during a period of economic uncertainty.

Elon Musk reportedly ordered company-wide layoffs at Twitter, indicating a restructuring effort, but specific numbers and dates were not mentioned in the article.

GoNuts, a Mumbai-based celebrity engagement startup in the media and entertainment industry, has shut down its B2C operations as of September 2022, resulting in layoffs for all employees in that vertical. The decision was driven by a failure to grow its target audience over three years, coupled with difficulties in securing venture funding amid a broader economic slowdown. While the exact number of affected employees is not specified, the company had raised over INR 7 crore from notable investors. GoNuts will continue operating as a B2B entity, with the founders engaging existing clients.

RenoRun, a Montreal-based construction materials delivery startup, laid off 210 employees on October 27, 2022, representing 43% of its workforce. This followed an earlier round of cuts in August, reducing total staff from over 550 in July to 274. The layoffs, which included part of the leadership team, were driven by a deteriorating macroeconomic environment marked by rising inflation and interest rates, which is dampening consumer spending on remodeling and impacting contractor clients. The company, operating in the competitive tech startup sector, is shifting from a growth-focused strategy to prioritizing profitability and serving its core customer base amid broader industry layoffs and venture capital pullbacks.

Spreetail, an ecommerce acceleration company, announced layoffs on October 27, 2022, as part of a restructuring to align with its brand partners' long-term needs in a post-pandemic landscape. While the exact number of employees affected was not disclosed, the move aimed to reduce team size, eliminate management redundancies, and adopt a flatter organizational structure. The decision reflects the company's focus on evolving its capabilities to support partners in a competitive market, ensuring future readiness for 2023 and beyond.

In October 2022, Recharge, a subscription management platform, announced a workforce reduction of 17%, affecting 84 employees. The layoffs were driven by challenging market conditions, including macroeconomic headwinds, weaker industry trends, and slower consumer spending. Leadership stated the decision was part of a reorganization to focus resources and ensure a longer, more sustainable runway for building merchant solutions. The company emphasized its commitment to supporting departing team members with severance, extended benefits, and job transition services.

In October 2022, amid a broader economic downturn affecting the 3D printing industry, the double-unicorn startup Carbon conducted a worldwide reduction in its workforce. While the exact number of employees laid off was not publicly disclosed, the company, known for its digital light synthesis (DLS) technology and partnerships with major brands like adidas, saw several experienced staff, including senior sales and management roles, announce their departures on LinkedIn. This move reflects the challenges Carbon and other firms in the sector face as they scale operations and navigate increased competition, despite having raised significant funding and achieving a high valuation. The layoffs highlight ongoing pressures in the advanced manufacturing industry as companies adjust to market realities.

Israeli cybersecurity unicorn Cybereason laid off 200 employees in October 2022, representing 17% of its workforce. This marked the company's second round of cuts that year, following the dismissal of around 100 staff in June. The layoffs, affecting mostly international offices with 50 in Israel, were driven by a significant shift in market conditions, including a closed IPO market. The company, which had about 1,500 employees prior to the cuts, stated it needed to prioritize financial efficiency over growth despite sustained demand for its technology. Backed by major investors like SoftBank and Google Cloud, Cybereason had previously filed for a U.S. IPO that could have valued it at over $5 billion.

In October 2022, Zillow, the Seattle-based online real estate marketplace, laid off approximately 300 employees, affecting about 5% of its then workforce of 5,791. The company described this as a difficult but necessary decision to shift resources toward key growth areas, particularly technology-related roles within its housing super-app strategy. The layoffs primarily impacted positions in Zillow Offer advisors, PA sales, and back-end staff at Zillow Home Loans and Zillow Closing Services. This move followed a larger workforce reduction in late 2021, when Zillow cut about 2,000 jobs after shutting down its iBuying service, Zillow Offers. The 2022 layoffs were part of a broader trend of workforce adjustments in the tech industry amid economic uncertainty.

MindBody laid off 400 employees representing approximately 15% of its workforce on 2022-10-26.

Argo AI, an autonomous vehicle startup, is laying off 173 employees in Michigan as the company winds down operations. This move follows the company's shutdown announcement, which came after major backers Ford and Volkswagen shifted their investments away from full self-driving technology. The layoffs, effective in late October 2022, reflect the broader challenges in the autonomous vehicle industry, where high costs and technological hurdles have led to consolidation. Argo AI, once valued at over $7 billion, had received significant funding, including a $1 billion investment from Ford in 2017, but ultimately could not achieve sustainable commercialization.

On October 26, 2022, GoFundMe, a crowdfunding platform, announced a restructuring that resulted in laying off 94 employees, representing approximately 12% of its workforce. CEO Tim Cadogan cited a challenging macroeconomic environment, including inflation-driven budget constraints that led to a decline in donations, as the primary reason. The company is refocusing on its core business and scaling back longer-term investments. Affected U.S. employees received a minimum of 13 weeks' salary, extended stock option exercise periods, and healthcare support through April 2023.

Seagate Technology, a major hard drive manufacturer, announced plans on Wednesday to lay off approximately 3,000 employees, representing 8% of its global workforce. This restructuring, driven by economic uncertainty and a significant decline in demand for PC and cloud server components, follows disappointing fiscal first-quarter earnings that missed revenue and profit expectations. The company, whose customers include cloud providers facing inventory buildups, aims to complete the cuts by the end of its March quarter, anticipating annual savings of about $110 million. The move highlights broader deterioration in the tech hardware industry after pandemic-driven growth.

Embroker laid off 30 employees representing approximately 12% of its workforce on 2022-10-25.

Fintech unicorn Fundbox has laid off 150 employees, representing 40% of its 360-person workforce, with cuts split evenly between its Israeli and U.S. operations. Announced on October 25, 2022, the layoffs are part of a broader restructuring, with CEO Prashant Fuloria citing that the company grew its team too rapidly and now needs to course-correct amid macroeconomic headwinds affecting the small business economy. The Israeli-founded company, which provides AI-powered credit solutions to small and medium-sized businesses, had achieved a $1.1 billion valuation in late 2021.

Israeli volunteering platform startup Vee conducted its second round of layoffs in three months during October 2022, letting go of 50% of its remaining workforce. This followed a previous cut of 30% in July. The company, which had 50 employees before the first layoff, was reduced to just 17 staff members. Founded in 2020, Vee had raised $13.5 million, including a $12 million Seed round earlier that year. The cutbacks were part of broader adjustments amid the 2022 tech downturn, though the company emphasized it would continue serving its nonprofit initiatives and clients.

Convoy on 2022-10-25.

Callisto Media, an independent nonfiction book publisher, conducted another significant round of layoffs on October 24, 2022, following a previous reduction of 140 employees (35% of its workforce) in mid-July. While the exact number from this latest cut is unspecified, former employees estimate as many as 200 staff were let go, dealing a severe blow to the company's ranks. CEO Benjamin Wayne cited an extremely challenging market and a failure to secure new outside investment as reasons, stating the company needed swift restructuring to reach profitability. The layoffs coincided with the temporary closure of its physical offices in New York and Emeryville, California. This series of cuts highlights the severe pressures facing the publishing industry and venture-backed companies amid economic uncertainty.

McMakler, a Berlin-based real estate platform and proptech startup, conducted another mass layoff in late October 2022, affecting over 100 employees. This follows a previous round of dismissals just a few months earlier in July. The company, which had nearly 1,000 employees, cited the turbulent economic environment and a rapidly changing real estate market—driven by rising interest rates and construction costs—as reasons for the restructuring. The layoffs impacted nearly all departments, except HR and Business Development, as McMakler aimed to position itself more robustly during a difficult market phase. This second round of cuts within months highlights ongoing instability in the proptech industry amid broader real estate sector challenges.

In October 2022, the telehealth unicorn Cerebral laid off approximately 400 employees, representing 20% of its staff, as part of a push for operational efficiencies and more sustainable growth. The SoftBank-backed digital health company, operating in the mental health care industry, primarily cut clinical staff and care counselors. This restructuring occurred amid ongoing scrutiny, including a Department of Justice investigation into its prescribing practices for ADHD medications like Adderall, which the company had since discontinued. Cerebral stated the layoffs were aimed at prioritizing clinical quality and safety while democratizing access to mental health care.

Philips laid off 4,000 employees representing approximately 5% of its workforce on 2022-10-24.

In October 2022, Brazilian IDTech unicorn Unico conducted a workforce restructuring, laying off approximately 50 employees, which represented about 4.4% of its total workforce of over 1,000. The layoffs primarily affected the sales and customer sectors as part of a broader reorganization initiated earlier in the year to consolidate governance and improve team efficiency. Concurrently, the company has been strengthening its technology division, hiring around 50 new employees over the preceding four months, including high-profile executives like former Google engineer Bruno Fonseca as Chief Architect. This shift reflects a strategic realignment to focus on technological development and operational clarity amidst changing market demands.

On October 24, 2022, Israeli-US cybersecurity company Snyk announced a second round of layoffs, cutting 198 employees, which represents 14% of its workforce of approximately 1,400. CEO Peter McKay cited significant market shifts and a need to adapt to economic headwinds, aiming to balance growth with profitability and achieve free cash flow positivity by 2024. This follows a previous layoff of 30 employees in June 2022, as the tech sector slowed. Despite rapid growth—doubling annually with over 2,300 customers—Snyk faced challenges, including a potential drop in valuation from its last $8.5 billion funding round in 2021. The layoffs are part of a restructuring to operate more efficiently amid global economic uncertainties.

In October 2022, OrCam Technologies, an Israeli artificial vision startup founded by Mobileye's Amnon Shashua and Ziv Aviram, laid off 62 employees, representing 16% of its workforce. The layoffs primarily affected staff in Israel and were part of a reorganization under new CEO Elad Serfaty, driven by a downturn in the tech market. OrCam, which develops wearable devices to assist blind and visually impaired individuals, had previously aimed for a $3 billion IPO valuation. The company, operating in the accessibility tech industry, had raised around $130 million and employed several hundred people before the cuts.

Antidote Health, a telehealth platform company targeting the U.S. market, laid off approximately a third of its workforce in October 2022. The company, which had around 60 employees prior to the cuts, reduced its Israeli R&D staff by half, leaving just 17 employees locally. This move was part of a broader effort to streamline operations and preserve cash amid financial market uncertainty. Antidote, which also employs about 100 doctors, continues to focus on its mission of providing accessible and affordable virtual health insurance to millions of uninsured Americans.

Berlin-based fintech Elinvar is laying off nearly one-third of its workforce, affecting an estimated 40-50 employees out of a total of 130-140 staff. The layoffs, confirmed by CEO Chris Bartz in October 2022, are part of a consolidation effort aimed at achieving profitability within the next year. This restructuring follows recent setbacks, including delays in a key partnership and the discontinuation of a robo-advisor product. Despite the cuts, Elinvar has secured additional funding from existing investors like Goldman Sachs and reports that its revenues are on track to more than double this year. The company operates in the wealth-tech sector, providing digital asset management solutions to financial institutions.

Khoros laid off 120 employees representing approximately 10% of its workforce on 2022-10-21.

Synapsica laid off 30 employees representing approximately 30% of its workforce on 2022-10-21.

F5 laid off 100 employees representing approximately 1% of its workforce on 2022-10-21.

Volta representing approximately 54% of its workforce on 2022-10-21.

Loom, a video messaging platform, conducted a layoff in early 2023, affecting approximately 34 employees, which represented about 14% of its workforce at the time. The company cited a need to streamline operations and extend its financial runway amid broader economic challenges in the tech industry. This restructuring aimed to focus resources on core product development and long-term growth.

Sales Boomerang, a mortgage fintech company, laid off at least 20 employees on October 20, affecting roles across marketing, sales, talent acquisition, and engineering. This reduction followed its merger with Mortgage Coach in June, after which the combined entity had 144 employees and initially stated no layoffs were planned. The cuts, representing about 14% of the workforce, were attributed to challenging market conditions as the mortgage industry rightsizes amid rising rates. The company, operating under distinct brands post-merger, declined to comment on the specifics, though former employees expressed surprise given earlier assurances. This move reflects broader cost-cutting trends in the mortgage tech sector during a difficult period for lenders.