Loom, a co – operative start – up that sells software for asynchronous video communications, has staffed out office, citing cost reductions amid economic shifts.
According to sources cited by TechCrunch, the company laid off 34 employees, representing 14% of its workforce. Loom confirmed that Computer world the number of staff laid off and who provided the following statement from Chief Executive Joe Thomas:
We had to make the very difficult decision to proceed with a reduction in implementation across our staff. Not everyone who was influential was not only a talented employee, but also a valuable individual and teammate. We are committed to supporting these employees through this transition in offering retirement as well as career support. We are confident of the way forward for Loom. This decision was ultimately made to ensure that we can move forward sustainably, especially in the face of increasing economic uncertainty, and continue to deliver on our vision for years to come.
Loom $ 130 million was raised in Tier C funding led by Andreessen Horowitz last year, bringing total funding to $ 203 million, valued at $ 1.5 billion. The company, co-founded by Vinay Hiremath, Shahed Khan, and Joe Thomas in 2015, has 12 million users over 200,000 companies.
Loom announced a significant update to its platform earlier this year together with a collaborative “Headquarters” this includes a personalized home screen, video trend recommendations, and the ability to follow peers. Speaking at the time, Angela Ashenden, principal analyst at CCS Insight, said the update sees Loom as maturing into a full team collaboration application. ”
“It’s a major upgrade to the tool, and a signal that guides the company’s ambitions in the enterprise collaboration space,” said Ashenden.
even though employment slowdown is evident among large technology firms in recent months – including, reported Sales force, Microsoft, Meta, Twitterand Uber – the biggest situation for start – ups in the sector.
Mural collaborative whiteboard software provider, valued at over $ 2 billion said to be cut an unspecified number of employees in May, and Hopin platform virtual events reported 138 redundancies were made earlier this year. More than 120 technology firms have deducted staff since the beginning of the year, according to the tracking site Layoffs.fyi.
Widely shared memo from startup accelerator Y Combinator last month warned its founders to “prepare for the worst” amid economic concerns.
“If your plan is to raise money in the next 6-12 months, you may be promoted at the height of the downturn. Remember that your chances of success are very low even if your company is doing well. We urge you to change your plan, ”the memo reads.
Copyright © 2022 IDG Communications, Inc.
Loom, video collaboration startups, announce layoffs
Source link Loom, video collaboration startups, announce layoffs