Layoff Events

Atome, a buy-now-pay-later fintech company, laid off approximately 30 employees in early 2023, affecting around 10% of its workforce. The decision was part of a strategic restructuring to streamline operations and focus on core markets amid broader economic challenges in the fintech industry. The company, which operates across Southeast Asia, aimed to enhance efficiency and sustainability in response to shifting market conditions.

Built In, a technology-focused media company, has laid off approximately 25% of its workforce, affecting dozens of employees. The cuts, announced in early October 2022, were part of a restructuring effort aimed at streamlining operations amid broader economic uncertainties impacting the tech and media industries. The company, which provides news and job listings for tech professionals, did not disclose the exact number of employees let go, but the reduction reflects a significant downsizing as it adjusts to changing market conditions.

TwinStrand representing approximately 50% of its workforce on 2022-10-05.

8x8 laid off 200 employees representing approximately 9% of its workforce on 2022-10-04.

Xendit, an Indonesian fintech company, has laid off approximately 5% of its workforce, affecting around 100 employees. The decision, announced in early 2023, was attributed to a strategic restructuring aimed at improving operational efficiency and extending the company's financial runway amidst a challenging global economic climate. As a Southeast Asian digital payments and financial infrastructure provider, Xendit stated the move was necessary to better align its resources with long-term growth objectives, despite having previously raised significant funding.

Homie, a Utah-based flat-fee real estate brokerage startup, laid off 40 employees in early October 2022, representing about 13% of its remaining workforce. This followed a previous round of layoffs in February that cut 28% of staff. The company, which operates in several western states, is struggling with severe market turmoil, including soaring mortgage rates and early recession signs that have disrupted the housing industry. Co-founder and CEO Johnny Hanna departed his role amid these challenges, though he remains as board chairman, while fellow co-founder Mike Peregrina stepped up as CEO. Homie is among many proptech and brokerage firms facing significant cutbacks as the pandemic-driven real estate frenzy cools.

Zoomo, an electric vehicle fleet company, announced on October 4, 2022, that it is laying off 16% of its global workforce to navigate a challenging economic climate. The decision, aimed at building a more resilient business for 2023, comes as the company faces softened demand and tighter capital compared to the previous year's abundant resources. This restructuring affects every department, involving a reduction in roles that no longer align with a focused strategy, along with deprioritizing operations in some cities and pausing select projects. The layoffs are part of Zoomo's effort to accelerate profitability and strengthen its position in the commercial micromobility industry, despite the personal impact on employees, whom the company is supporting through the transition.

Indian cryptocurrency exchange WazirX laid off 40% of its workforce, affecting 50 to 70 employees out of a total of 150, as reported in early October 2022. The layoffs, which impacted multiple departments including customer support, HR, and the entire public policy team, were attributed to a severe bear market and global economic slowdown. The company cited a dramatic decline in trading volumes, exacerbated by India's challenging regulatory and tax environment for crypto, which made operations unsustainable.

Carsome, a Malaysian online car marketplace, laid off approximately 10% of its workforce in early 2023, affecting around 100 employees out of a total of about 1,000. The layoffs were part of a strategic restructuring to streamline operations and enhance efficiency amid challenging market conditions in the automotive e-commerce industry. As a leading unicorn startup in Southeast Asia, the company aimed to focus on sustainable growth and profitability while navigating economic uncertainties.

In September 2022, digital health unicorn Truepill conducted its fourth round of layoffs that year, with the company stating it impacted 20% of its full-time employees across departments including engineering, HR, design, IT, and finance. This followed a third round earlier in the year, which the company corrected to 8% of staff, not the initially reported 33%. Leadership attributed the cuts to investor requests to extend the company's financial runway amid broader economic pressures, informing affected employees their roles were no longer sustainable. The layoffs occurred as Truepill, a platform providing diagnostics, telehealth, and prescription services to other companies, faced industry challenges, including halting ADHD medication prescriptions earlier in 2022 due to growing concerns in digital health.

Pastel representing approximately 100% of its workforce on 2022-09-30.

In October 2022, micromobility company Spin, owned by Tier Mobility and employing over 700 people, laid off approximately 78 employees, representing about 10% of its workforce. The layoffs, which included several executives and primarily affected white-collar staff at its San Francisco headquarters, were driven by lower-than-expected U.S. demand post-pandemic, economic challenges like inflation, and a tightening venture capital funding environment. CEO Philip Reinckens cited a "perfect storm" of industry issues, including supply chain constraints and the war in Ukraine, forcing the company to prioritize cash preservation and profitability. Concurrently, Spin exited its remaining Canadian market in Kelowna and Seattle, where it had operated scootershare programs.

Berlin-based fintech Solarisbank has announced layoffs affecting nearly 10% of its workforce as part of cost-cutting measures to achieve profitability by year-end. The company, which currently employs 750 people, informed staff of the dismissals, which span various departments, particularly those related to international expansion. CEO Roland Folz emphasized a strategic shift toward larger corporate partnerships over smaller fintech alliances, aiming to streamline operations and focus on growth areas like compliance and risk management. Despite the layoffs, Solarisbank plans to increase total headcount to 800 by the end of 2022. The move reflects broader challenges in the fintech sector, where companies are adjusting to market pressures after a period of rapid expansion.

Zenjob, a Berlin-based staffing platform in the HR tech industry, has laid off an unspecified number of employees, as indicated by a company post seeking support for departing colleagues. While the exact scale, percentage, and total employee count are not detailed in the announcement, the layoffs appear to be part of a broader restructuring or strategic shift, a common trend among tech startups adjusting to market conditions. The post, made approximately three years ago, prompted an outpouring of support from the professional network, with several companies offering recruitment assistance to the affected staff.

Volta representing approximately 10% of its workforce on 2022-09-28.

DocuSign, a leading provider of electronic signature and agreement technology, announced a workforce reduction in February 2024, laying off approximately 6% of its employees, which equates to around 440 people. This decision was part of a broader restructuring plan aimed at improving operational efficiency and focusing on the company's core strategic priorities. The layoffs, affecting teams across various functions, reflect ongoing adjustments within the tech industry as companies navigate economic uncertainties and seek to streamline costs. DocuSign, which operates in the software and cloud services sector, continues to serve a global customer base while adapting its organizational structure for future growth.

Divvy Homes laid off 40 employees representing approximately 12% of its workforce on 2022-09-27.

In September 2022, AI chip startup Graphcore announced plans to reduce its global workforce due to challenging macroeconomic conditions, though the exact number of layoffs and percentage of its then approximately 633 employees were undisclosed as consultations were ongoing. The UK-based semiconductor unicorn, valued at $2.7 billion, cited the need to prioritize for sustainable growth in 2023 despite holding significant cash reserves. This move followed a period of rapid expansion and substantial funding, highlighting the pressures faced by even well-capitalized tech startups in the AI hardware industry amid economic headwinds.

Instacart on 2022-09-24.

Vancouver-based identity verification unicorn Trulioo has laid off 24 employees in Canada this month, with global staff reductions expected to reach 40 to 50 people. This represents five to 10 percent of its workforce, which stood at about 400 prior to the cuts. The layoffs are a strategic repositioning, as the company has decided to stop selling to small businesses—a segment that accounted for less than 3% of revenue but consumed an estimated 50% of go-to-market resources. Trulioo will now concentrate its efforts on serving medium and large enterprises operating internationally. CEO Steve Munford described this as a one-time move to streamline operations for growth. The fintech and identity verification firm, valued at $2 billion, is navigating a challenging economic climate that has impacted many tech companies.

Berlin-based fintech startup Moss laid off approximately 70 employees, representing about 15% of its workforce, in September 2022. The company, which provides corporate credit cards and had around 500 employees at the time, cited significant changes in the overall economic environment as the reason for the cuts. This move was part of a broader trend of layoffs across the fintech sector, even among well-funded companies. Moss, which had raised $160 million and was valued at $500 million, also implemented a hiring freeze. Despite the layoffs, the company had recently obtained an e-money license from German financial regulator BaFin, aiming to become more independent from its financial partners.

Konfio laid off 180 employees on 2022-09-23.

Pesto representing approximately 100% of its workforce on 2022-09-23.

Foxtrot, a retail company, laid off approximately 3.5% of its workforce in September 2022. While the exact number of affected employees wasn't specified, the reduction was part of broader operational adjustments. The layoffs reflect the challenging environment for retail businesses at the time, as companies streamlined their teams to manage costs and adapt to market conditions.

Klarna, the Swedish buy now, pay later fintech giant, announced a second round of layoffs in September 2022, affecting fewer than 100 employees globally. This came just four months after cutting 10% of its workforce and despite CEO Sebastian Siemiatkowski stating weeks earlier that layoffs were complete. The new COO, Camilla Giesecke, cited a need to reflect the company's "more focused" nature, with cuts targeting departments like IT and recruiting. Klarna's revised budget allowed for up to 6,000 employees. The move followed a turbulent period where Klarna's valuation plummeted 85% to $6.7 billion, and its losses more than tripled, driven by a challenging economic environment shifting away from the low-interest conditions that favored BNPL models.

NYDIG laid off 110 employees representing approximately 33% of its workforce on 2022-09-22.

Kitty Hawk, a pioneering electric aviation company, laid off a significant portion of its workforce in early 2020 as part of a strategic shift. While exact figures were not publicly detailed, the move followed the winding down of its Flyer program and a refocusing of efforts. The company, backed by Google co-founder Larry Page, was part of the emerging advanced air mobility industry. This restructuring occurred as the company pivoted its resources toward other aviation projects, reflecting the challenges and strategic recalibrations common in the capital-intensive aerospace startup sector.

Curative laid off 109 employees on 2022-09-20.

Ada, a conversational AI company, has laid off 78 employees. While the exact total workforce and percentage affected are not specified in the post, CEO Mike Murchison announced the difficult decision, expressing gratitude for the contributions of those impacted. The layoffs occurred as part of a workforce reduction, with the company offering support to affected individuals. The post, made on LinkedIn, reflects a broader trend of adjustments within the tech and AI industries.

Ouster representing approximately 10% of its workforce on 2022-09-20.

In September 2022, the Brazilian urban mobility platform 99, a subsidiary of China's Didi Chuxing and the country's first unicorn, laid off over 75 employees, primarily from its customer experience (CX) department. This reduction affected about 2% of its workforce, which totaled around 3,700 employees at the time. The company cited the need to adapt its operational model and customer relationship structure for greater scale and flexibility as the reason for the layoffs, part of a broader trend of workforce adjustments in the tech industry.

Compass laid off 271 employees on 2022-09-20.

Online retailer Zappos, a division of Amazon, initiated layoffs in late September 2022, affecting a portion of its Las Vegas-based workforce. The company officially stated the cuts impacted less than 4% of its staff, though internal sources suggested the figure could be as high as 20%. The move, part of a business evaluation to find operational efficiencies, occurred roughly five months after Scott Schaefer assumed the permanent CEO role. Impacted employees were offered severance and insurance benefits.

Vesalius Therapeutics laid off 29 employees representing approximately 43% of its workforce on 2022-09-19.

VideoAmp, a software and data platform in the advertising technology industry, underwent a reorganization in September 2022 that resulted in layoffs affecting approximately 2% of its workforce. This move was aimed at staying ahead of technological and market trends to drive client value. Concurrently, the company expanded the role of its Chief Technology Officer, Tony Fagan, to oversee Product, Engineering, and R&D departments, positioning VideoAmp for continued growth in revolutionizing cross-platform media measurement. The restructuring reflects the industry's shift away from legacy models toward new currencies that leverage big data for better measurement solutions.

Ola, the Indian mobility startup, has laid off 200 software engineers as part of a major restructuring plan to centralize operations and minimize role redundancy. This reduction affects about 10% of its engineering workforce, which totals over 2,000 roles across various streams like vehicle, battery, and autonomous engineering. The layoffs, occurring in 2022, come amid challenges including declining sales for Ola Electric scooters and previous shutdowns of ventures like Ola Cars and Ola Dash, which had already led to around 1,000 job cuts. Despite this, the company plans to hire 3,000 more engineers soon, focusing on its electric vehicle ambitions, including scooters and upcoming cars, as it navigates a competitive travel tech industry.

Shopee, a major e-commerce platform under Singapore-based Sea Group, conducted a new round of layoffs in September 2023, affecting employees across multiple regions and departments including Southeast Asia, China, and Latin America. While the exact number of layoffs was not officially disclosed, reports indicated that hundreds of employees were impacted. This move was part of the company's ongoing efforts to optimize operational efficiency and control costs amid a challenging global economic environment and intensified market competition. As a leading player in the global e-commerce industry, Shopee has implemented several workforce adjustments since 2022 to streamline its business structure and focus on sustainable growth.

TrueLayer, a fintech company, has announced the closure of its AltFi media business after 10 years of operation. While specific layoff numbers were not disclosed, the shutdown implies the entire AltFi team is affected. The decision comes after facing severe headwinds over the past 18 months, despite strong journalism and brand loyalty. The company expressed gratitude to its staff, readers, and partners for their support over the decade, highlighting its role in covering the UK fintech industry's growth. This move reflects challenges in the media sector within fintech, impacting a specialized news provider that had become a trusted source for industry insights.

Clear, a Bengaluru-based fintech SaaS platform formerly known as Cleartax, laid off approximately 190 to 200 employees on September 15, 2022, representing about 20% of its workforce. The cuts affected multiple departments, including tech, product, and sales, as part of a restructuring effort to extend the company's financial runway amid a broader decline in startup funding. This move occurred nearly a year after Clear raised $75 million in a Series C round led by investors like Kora Capital and Stripe, and followed recent acquisitions aimed at expanding its compliance and financing services. The layoffs reflect a challenging environment for Indian startups, which have seen significant workforce reductions in 2022.

Israeli healthtech startup DayTwo, which develops AI-driven personalized nutrition solutions for metabolic diseases like diabetes, is laying off dozens of employees in both Israel and the U.S. The company, which currently employs around 150 people, cited the deteriorating macroeconomic climate as the reason for the restructuring. Announced in September 2022, the layoffs are part of a strategic shift to focus its efforts primarily on the U.S. market. DayTwo, backed by $85 million in total funding, aims to improve health outcomes by leveraging gut microbiome analysis and virtual care.

Acast laid off 70 employees representing approximately 15% of its workforce on 2022-09-15.

Bitrise, a mobile DevOps platform, laid off 14% of its workforce last week in a difficult cost-cutting move to improve business efficiency. The company's co-founder and CEO announced the reduction, which affected an unspecified number of employees, describing it as one of the toughest periods in the company's history. Bitrise expressed gratitude for the contributions of the departing team members and is providing outplacement support to assist them in finding new roles. This restructuring reflects broader economic pressures faced by tech companies.

In September 2022, cloud communications company Twilio announced a significant workforce reduction, laying off approximately 11% of its staff, which translates to between 800 and 900 employees out of a total of over 7,800. The San Francisco-based, publicly traded firm cited a strategic shift toward achieving profitability in 2023 as the primary reason, attributing the cuts to past rapid growth, a lack of focus on key priorities, and the need to operate more efficiently amid a broader economic downturn. The layoffs primarily impacted go-to-market, research and development, and administrative departments. CEO Jeff Lawson acknowledged responsibility for the decision, framing it as a necessary step to align investments with core priorities and strengthen the company's financial position.

On September 14, 2022, vertical farming unicorn Infarm laid off 50 employees, representing about 5% of its total workforce of approximately 1,000. The Berlin-based startup cited necessary cost reductions due to soaring energy prices and its drive toward profitability as reasons for the cuts. Valued at over a billion dollars, Infarm operates across Europe, the U.S., Canada, and Japan, and was founded in 2013. The layoffs occurred amid industry challenges, including the bankruptcy of French competitor Agricool earlier that year.

In September 2022, Netflix laid off 30 employees from its animation division as part of an ongoing overhaul. The layoffs followed the appointment of new leadership tasked with streamlining the animation team, a move aimed at restructuring rather than reducing output. While the exact percentage of the total animation workforce affected isn't specified, the cuts reflect a strategic shift within a division that has produced multiple Oscar-nominated films. Netflix confirmed the layoffs, emphasizing its continued commitment to animation with a robust slate of upcoming releases and acquisitions.

Pitch, a presentation software company, laid off 59 employees, representing 30% of its team, as part of a strategic shift to navigate the economic downturn. The layoffs were announced by CEO Christian Reber, who expressed deep regret over parting ways with what he described as incredibly gifted individuals. Affected staff will receive pay and have their shares continue to vest until the end of the year. The company, operating in the tech industry, made this difficult decision to adjust its strategy amid broader economic challenges, highlighting the impact of market conditions on startups.

Rubius laid off 160 employees representing approximately 75% of its workforce on 2022-09-13.

Taboola, a digital advertising platform, laid off over 100 employees, representing 6% of its workforce of more than 2,000 people. The cuts were announced by CEO Adam Singolda in September 2022 as part of a broader cost-reduction plan aiming to save $38 million, including cuts to marketing and capital expenses. This restructuring occurred despite recent growth, following the company's public listing via a SPAC merger in 2021, which valued it at $2.6 billion, though its market cap had since declined. The layoffs reflect broader economic pressures in the tech industry during that period.

Vietnam's proptech startup Propzy, which had been backed by investors like SoftBank Ventures, has shut down its operations as of September 2022. This closure resulted in all employees being laid off, effectively a 100% reduction of its workforce. The shutdown follows earlier restructuring efforts, including laying off over 50% of staff, as the company struggled with business challenges in the competitive real estate technology sector. The exact total number of employees at the time of closure was not specified, but the startup had scaled significantly with notable funding before its demise.

Patreon laid off 80 employees representing approximately 17% of its workforce on 2022-09-13.