Below is a recap of the layoffs from this past week. If you’ve seen a layoff spreadsheet for any of these companies, please let us know.
As always, the Layoffs.fyi Tracker maintains a comprehensive list of all startup layoffs since COVID-19.
🏢 Lastline ∙ 🌎 SF Bay Area ∙ 👩 50 employees (40%) ∙ 🔗Source
- A network security startup, Lastline announced that it is being acquired by VMware. As part of the acquisition, VMware will be laying off 40% of Lastline’s team (around 50 employees).
🏢 The Athletic ∙ 🌎 SF Bay Area ∙ 👩 46 employees (8%) ∙ 🔗Source
- A sports news website, The Athletic saw new subscriber growth drop by 20-30% due to the hiatus of live sports. The NBA will be the first major sports league to resume (on July 31), since MLB continues to squabble and can’t get its act together 😡🤬.. Laid-off employees will receive 4 weeks of severance pay, health insurance coverage through the end of the year, full acceleration of unvested stock options, and an extension of the exercise period to one year.
🏢 Builder ∙ 🌎 Los Angeles ∙ 👩 39 employees (14%) ∙ 🔗Source
- A startup that makes it easy to build software without code, Builder.ai’s layoff was concentrated in its Los Angeles office. In addition, some U.K. staffers were placed on furlough, and remaining employees will be required to take a temporary pay cut. The company has experienced a drop in orders during the pandemic.
🏢 Credit Sesame∙ 🌎 SF Bay Area ∙ 👩 22 employees (14%) ∙ 🔗Source
- A provider of free credit monitoring, Credit Sesame earns revenue by making commissions from its credit card and loan partners. The company implied that its revenue has been affected by tightening credit markets, which has made it hard for consumers to borrow money or obtain credit. Larger rival Credit Karma announced last month that it was instituting pay cuts of between 15-50% and freezing promotions.
🏢 Ethos Life ∙ 🌎 SF Bay Area ∙ 👩 18 employees (14%) ∙ 🔗Source
- A provider of life insurance, Ethos Life said the layoff was caused by “uncertainty with future consumer demand and capital markets.” Ethos had grown its team size from 30 employees in the beginning of 2019 to almost 130 people prior to the layoff.