Layoff Events

Coinsquare, a Toronto-based cryptocurrency exchange startup, has laid off approximately 30 employees, representing about 24 percent of its workforce, reducing headcount from 125 to around 95. The cuts, confirmed in mid-2022, stem from challenging market conditions, including decreased trading volumes amid the broader crypto downturn, as well as a strategic shift toward becoming a regulated crypto investment dealer in Canada. The company, which experienced rapid hiring during the previous year's market boom, also implemented executive pay cuts. This move aligns with a wider trend of layoffs across the crypto industry, as firms like Gemini and Coinbase also reduce staff. Coinsquare aims to refocus its team to meet regulatory requirements, following a 2020 settlement with the Ontario Securities Commission.

Israeli marketing technology company Skai, formerly known as Kenshoo, laid off approximately 30 employees in July 2022, representing about 4% of its workforce. The layoffs primarily affected staff from the acquired company Signals Analytics, whose product marketing was being discontinued. The company cited the global economic slowdown as the reason, stating the cost-cutting measures were necessary to sustain growth and profitability.

Dover laid off 23 employees representing approximately 30% of its workforce on 2022-07-26.

Fiverr, an Israeli freelancer platform, laid off 60 employees, representing 8% of its workforce, with half of the cuts occurring in Israel. The company, which had 787 employees at the end of 2021, cited a need to focus on its core business and adjust to macroeconomic changes as reasons for the layoffs. Announced in late July 2022, this move came amid a significant decline in Fiverr's share price, which had fallen 89% from its peak during the Covid pandemic. The layoffs were part of broader streamlining measures aimed at ensuring continued revenue growth and profitability in a challenging economic environment.

InDebted laid off 40 employees representing approximately 17% of its workforce on 2022-07-26.

Australian crypto gaming startup Immutable, valued at $3.5 billion, laid off at least 20 employees on July 26, 2022, affecting about 6% of its workforce. The cuts primarily impacted senior staff with core knowledge of its flagship NFT trading card game, Gods Unchained, effectively gutting the project's development team. The layoffs were announced during a company-wide meeting, with affected employees offered the chance to apply for other internal roles, though these were reportedly unsuitable. This move reflects broader contractions in the crypto and NFT industry, following similar workforce reductions at major firms like Coinbase and OpenSea, as the sector recedes from its 2021 highs.

Berlin-based proptech startup McMakler, considered a future unicorn, laid off at least 90 to 120 employees in late July 2022, shortly after a large company-wide summer party. The layoffs, primarily affecting HR and finance roles, along with non-renewed contracts and reduced internships, impacted roughly 10-12% of its workforce of about 1,000. Company leadership internally cited the tense real estate market and broader economic changes as reasons, stating the need for early cost control despite being a growth company. The sudden move surprised employees, even amidst existing expectations for austerity measures.

Shopify laid off 1,000 employees representing approximately 10% of its workforce on 2022-07-26.

Included Health representing approximately 6% of its workforce on 2022-07-25.

Pear Therapeutics laid off 25 employees representing approximately 9% of its workforce on 2022-07-25.

Zymergen laid off 80 employees on 2022-07-25.

Soluto, the Israeli R&D center of U.S. company Asurion, is shutting down, resulting in the layoff of all 120 employees. This closure, announced in July 2022, is part of Asurion's broader internal reorganization, which includes downsizing its global workforce and shifting its business focus toward the cellular market. The decision ends Soluto's operations, which began after its acquisition by Asurion in 2013. The affected employees, who worked in the tech industry, were offered extended benefits and support to find new jobs, with about 40 staff members remaining until the end of the year to assist with the transition.

Amazon aggregator Boosted Commerce, a Los Angeles-based company that acquires and scales third-party brands on Amazon, has laid off approximately 5% of its workforce. This reduction, affecting several VP and director-level positions primarily in brand and marketing, occurred in late July 2022 amid broader industry volatility. The company, which had raised $380 million and acquired 40 businesses, stated the layoffs were part of a strategic reallocation of resources for second-half initiatives. The move reflects a wider slowdown and consolidation in the Amazon aggregator sector, which saw explosive growth during the pandemic but has since faced funding declines and increased scrutiny of its business model.

Eucalyptus laid off 50 employees representing approximately 20% of its workforce on 2022-07-22.

Clarify Health, a healthcare analytics company, laid off approximately 90 employees, representing about 22% of its workforce, in a restructuring effort announced in early 2024. The company, operating in the health tech industry, cited a strategic shift to focus resources on core product development and achieve profitability amid broader market pressures. This reduction impacted teams across the organization as the company adjusted its operational scale to align with current business priorities.

In early 2020, Owlet Baby Care, a company specializing in smart baby monitors and infant health technology, conducted a significant layoff, parting ways with many team members. While the exact number of employees affected was not publicly detailed in the post, the company expressed deep gratitude for their contributions to its mission of improving infant health. The layoffs occurred amidst broader economic uncertainties at the time, impacting the consumer electronics and health tech industry. Owlet, a venture-backed startup, faced challenges that led to this workforce reduction as it navigated its growth path.

Quanto, a Brazilian open finance startup, laid off 28 employees, representing 22% of its workforce, on July 15, 2022. The company cited a challenging macroeconomic environment and the need for business adaptation as reasons for the restructuring. The cuts affected teams in technology, human resources, sales, and the legal department. This move is part of a broader wave of layoffs impacting Brazilian startups that began in April 2022. Quanto, which raised a $15 million Series A round in 2020 from major investors like Bradesco and Itaú, offered an exit benefits package to the departing employees.

Arete IR, a Florida-based cybersecurity incident response firm, has laid off an unspecified number of employees, citing current economic conditions. While the company disputes a report claiming 90 job cuts, or roughly 25% of its workforce, it confirmed the layoffs were necessary for continued business growth. This move reflects a broader trend among later-stage cybersecurity startups, which are reducing expenses amid market instability and a stalled IPO environment. Arete, founded in 2016 and employing around 439 people, asserts that service quality for clients will remain unaffected.

In July 2022, wearable fitness technology company WHOOP, valued at $3.6 billion, laid off 15% of its workforce, impacting over 90 employees from its then 630-person team. The cuts affected every department and level, driven by a challenging macroeconomic environment that prompted the company to reduce burn rate and ensure long-term durability. WHOOP, known for its high-tech fitness trackers endorsed by elite athletes, provided competitive separation packages and support for stock options to those affected, aiming to position the business more strongly amid market uncertainties.

RealSelf laid off 11 employees representing approximately 5% of its workforce on 2022-07-21.

Callisto Media, a 12-year-old nonfiction publisher based in New York and Emeryville, California, laid off approximately 140 employees, representing 35% of its workforce, in mid-July 2022. The cuts were part of a broader plan to reduce annual spending by at least $20 million and demonstrate a clear path to profitability to meet investor expectations in the current market. CEO Benjamin Wayne announced the decision to staff on July 12, citing that all other options had been exhausted. The layoffs, which affected roles from editors to creative directors and even some recent hires, were carried out swiftly over the following days via Zoom meetings. As part of its restructuring, Callisto also plans to significantly reduce its title production from over 1,000 to about 400-500 books per year, alongside cuts in contractor spending and capital expenditures.

InVision, a digital product design platform, conducted a significant layoff affecting many employees due to challenging market conditions and a strategic shift toward real-time collaboration for enterprise clients. The exact number of layoffs was not specified, but the company, which reported $100 million in annual recurring revenue and served all Fortune 100 companies with 7 million users globally, underwent this restructuring as part of a multi-month business evolution. The layoffs coincided with the transition of CEO Clark Valberg, who stepped down at the end of 2021 and handed over leadership to Jeff Chow, while remaining on the board. This move reflects broader adjustments in the tech industry to align with changing market demands.

Lunchbox, a New York-based food-tech startup, laid off 60 employees on July 21, 2022, representing 33% of its workforce and reducing staff from 180 to 120. The company, which had raised $72 million in under three years, cited overexpansion and pressure from investors to streamline operations amid capital market challenges. CEO Nabeel Alamgir admitted the company had grown "bloated" and was shifting from a "growth at all costs" mindset to focus on becoming cash-positive. The layoffs affected all divisions, particularly engineering and tech roles, as the food-tech industry sees broader downsizing among well-funded startups.

Appgate, Inc., a software company, implemented a significant workforce reduction in July 2022 to realign its strategy with market conditions for long-term success. The layoff affected approximately 130 employees and contractors, representing about 22% of its total workforce. Notifications began on July 21, 2022, and were completed by July 25, with the company estimating associated costs of around $1.7 million primarily for severance and termination expenses.

Rad Power Bikes laid off 63 employees representing approximately 10% of its workforce on 2022-07-21.

98point6 representing approximately 10% of its workforce on 2022-07-21.

Smarsh on 2022-07-21.

Introhive laid off 57 employees representing approximately 16% of its workforce on 2022-07-20.

Israeli startup Zencity, a community insights and analytics platform for state and local governments, laid off 30 employees, representing about 20% of its workforce, in July 2022. The cuts affected staff in both its Israeli and North American offices. The company, which had raised over $50 million and experienced rapid growth including recent acquisitions, described the move as a painful but necessary organizational change to better serve its clients and mission. Zencity uses AI to analyze data for municipalities, serving around 300 clients including major U.S. cities.

Splice laid off 23 employees on 2022-07-20.

BlueStacks, a popular Android emulator platform backed by A16Z, laid off 60 employees in India earlier this week, as part of an internal restructuring effort. The company, which had doubled its workforce to 600 over the past two years, cited changes in the macro-economy as the reason for the realignment, affecting about 10% of its total employees. The layoffs, communicated via video call on July 18, impacted various departments, with the global count potentially reaching 120-150 employees. BlueStacks is offering a one-month salary as severance pay, including medical benefits, and is assisting affected staff in finding new roles. The startup, founded in 2011, has faced challenges due to increasing competition from web-based apps and native Android support in Windows 11, despite having raised $48.8 million and achieving over 1 billion downloads.

Lyft laid off 60 employees representing approximately 2% of its workforce on 2022-07-20.

Varo laid off 75 employees on 2022-07-20.

Just Eat Takeaway laid off 390 employees on 2022-07-20.

Arc, a tech startup in the talent and developer platform industry, has laid off 13 employees as part of a restructuring effort to ensure business resilience amid economic uncertainties. The layoffs, announced by founder Weiting Liu, affected colleagues across data, product, engineering, operations, marketing, and recruiting roles. While the total number of employees at Arc and its associated platform Codementor was not specified, the company expressed deep regret over the decision, emphasizing support for impacted team members through networking and job placement assistance. This move reflects broader challenges faced by startups in navigating an unpredictable market landscape.

Flyhomes laid off 200 employees representing approximately 20% of its workforce on 2022-07-20.

Berlin-based Amazon aggregator unicorn SellerX, valued over $1 billion and backed by investors like BlackRock, laid off approximately 28 employees in early May 2022. This represents about 4% of its then 700-person workforce. The layoffs are part of a broader downturn affecting the once-booming Amazon aggregator industry, which saw rapid growth and heavy VC investment during the pandemic. Rising acquisition costs for sellers and decreasing consumer spending power have pressured the business model, leading to similar job cuts at other major aggregators like Thrasio and Heroes across Europe and the US.

Invitae laid off 1,000 employees on 2022-07-19.

Olive, an AI and automation company focused on healthcare administration, conducted a significant layoff in November 2023, reportedly cutting its workforce by approximately 450 employees. This reduction came as part of a major restructuring effort following the company's acquisition of key assets from the struggling healthcare payments firm Olive AI. The layoffs were a strategic move to streamline operations and refocus the business after the transaction, impacting a substantial portion of the workforce as the company aimed to achieve profitability and stabilize its financial position within the competitive health tech industry.

TikTok, the popular short-form video platform owned by ByteDance, has initiated a global restructuring that includes layoffs, affecting employees in the US, EU, and UK. While the exact number is not officially confirmed, internal sources suggest fewer than 100 roles are being eliminated, a small fraction of its global workforce of thousands. The move, announced internally in late 2022, is part of a broader reorganization amid economic uncertainties, leading to job cuts primarily in operations and marketing teams, along with the closure of some vacant positions. This restructuring follows TikTok's decision to halt expansion plans, including its live shopping platform TikTok Shop in the US and Europe, as the company adjusts staffing to align with its goals in a challenging tech industry climate.

Vimeo, the online video and software company, is laying off approximately 6% of its workforce, impacting around 72 employees based on its reported total of just over 1,200 workers as of December 2021. The company confirmed the cuts on July 18, 2022, citing the need to navigate challenging economic conditions and potential recession fears. CEO Anjali Sud stated the move was a difficult but responsible action to ensure the company emerges stronger from the downturn. This places Vimeo among numerous tech firms initiating layoffs, as it continues its strategic shift from a consumer video platform to a B2B software-as-a-service provider targeting corporate clients.

Elemy on 2022-07-18.

Freshly, a meal-delivery company, laid off 25% of its local workforce in July 2022. The cuts affected a significant portion of its employees in the area, reflecting broader challenges in the food delivery industry. While the exact number of employees impacted wasn't specified, the reduction indicates a strategic move to streamline operations amid shifting market demands.

Israeli unicorn Lusha, a cloud-based sales intelligence platform, laid off 30 employees in July 2022, representing 10% of its total workforce across all departments. The company, which achieved a $1.5 billion valuation eight months prior after raising $205 million, cited the economic slowdown and market conditions as reasons for the restructuring. This move aimed to ensure long-term success and control cash flow following a period of rapid growth. Founded in 2016, Lusha serves sales professionals with contact and company data. The layoffs occurred amidst a lawsuit from previous investors and marked a shift from its bootstrapped origins to navigating the pressures of its unicorn status.

Crypto exchange Gemini conducted a second round of layoffs in July 2022, cutting approximately 68 employees, which represented about 7% of its workforce at the time. This followed a previous reduction of 10% just seven weeks earlier, driven by "turbulent market conditions" and "extreme cost cutting." The company, which had around 950 employees before these cuts, was reportedly planning to reduce its headcount to about 800. The layoffs were part of broader efforts to navigate a challenging crypto market downturn, with internal documents and Slack messages indicating ongoing restructuring and cost management within the startup.

Boston-based fitness-tech startup Hydrow has laid off approximately 35 percent of its workforce this week, affecting at least 70 employees out of a total of more than 200. The company, which sells high-end rowing machines and digital workout content, is facing challenges in the at-home fitness market as pandemic-driven demand slows. CEO Bruce Smith stated the move aims to reduce costs and build a sustainable, profitable business, despite the firm having recently raised $54 million and seen revenue triple from 2020 to 2021. This follows similar struggles across the industry, with competitors like Peloton and Tonal also implementing significant cuts. Hydrow, founded in 2017, remains focused on its core offerings like live-coached classes and plans to position itself for a future IPO when market conditions improve.

PACT Pharma laid off 94 employees on 2022-07-18.

Project44 laid off 63 employees representing approximately 5% of its workforce on 2022-07-15.

Influencer-marketing startup Aspire laid off 23 employees in June, attributing the cuts to a challenging macroeconomic environment. The layoffs affected various teams, including recruitment and customer service. While the company did not disclose its total workforce, it emphasized its ongoing confidence in business growth and recently announced a strategic partnership with TikTok. Aspire, which serves over 800 Shopify merchants and e-commerce brands, operates in the expanding influencer-marketing industry, which faces pressures as brands tighten budgets amid economic uncertainty. This move aligns with broader layoffs observed across the creator economy sector in recent months.

StyleSeat representing approximately 17% of its workforce on 2022-07-15.