Zeitgold

Bookkeeping startup Zeitgold lays off 75 employees and pivots to tax prep software

🌎 Berlin, Tel Aviv βˆ™ πŸ‘© 75 employees (71%) βˆ™ πŸ–₯ Multiple departments

Zeitgold, a Berlin-based startup that automates bookkeeping for small businesses and their tax advisors, announced last week that it was sunsetting its main product. In conjunction, the company laid off 75 of its employees, leaving 30 people on the team.

Like other startups that have attempted to automate bookkeeping, Zeitgold discovered that despite years of technology development, its service still required large amounts of manual labor to deliver. Scaling such a service was unsustainable, Zeitgold ultimately concluded. The company will instead develop new products that can be delivered without human involvement, such as tax preparation software.

Following the layoff, Zeitgold launched a talent directory to showcase its former employees (see link πŸ‘‡). The Zeitgold layoff list includes 62 ex-employees in Berlin and Tel Aviv.

The company raised a $29 million Series B just 3 months ago.

Our live Layoffs Tracker has a real-time report of all startups that have done layoffs.

Layoffs Roundup: Thurs 7/30/20

Below is a recap of the layoffs from this past week. Check out the Layoffs.fyi Tracker for a complete list of all tech layoffs during the pandemic.

🏒 Swiggy βˆ™ 🌎 Bengaluru βˆ™ πŸ‘© 350 employees (5%) βˆ™ πŸ”—Source

  • Swiggy, a food delivery startup based in India, cut 350 employees in a second round of layoffs. The company previously laid off 1,100 employees in May, but said that this will be the final round. Swiggy said that the food delivery industry has only recovered to about 50% of its peak order volume.

🏒 Procore βˆ™ 🌎Los Angeles βˆ™ πŸ‘© 180 employees (9%) βˆ™ πŸ”—Source

  • Procore, which makes construction project management software, laid off 180 employees (9%). Laid-off employees will receive severance pay, health benefits through the end of 2020, computer equipment, and outplacement services. The company filed for an IPO in February.

🏒 tZEROβˆ™ 🌎New York βˆ™ πŸ‘© Unknown # of employees βˆ™ πŸ”—Source

  • tZERO, a blockchain startup majority-owned by Overstock.com, laid off an unspecified number of employees. The company aims to cut costs in preparation for an external capital raise.

Layoffs Roundup: Thurs 7/23/20

Although permanent layoffs have been the most common way to shrink staff during the pandemic, dozens of startups instituted furloughs to try to avoid a bigger layoff. Furloughed employees were kept on health insurance and told that their employment status would be revisited in a few months.

Now that the furlough period is ending for some of these employees, we’re starting to see what tech companies decide to do. In a positive sign, Yelp said last week that it would bring back “nearly all” of the 1,100 employees it furloughed in April.  

Other employees aren’t so lucky. Vox Media will reportedly lay off most of their furloughed employees, with additional job cuts coming on top. Hospitality startup Oyo laid off the “large majority” of its furloughed U.S. employees.

The Layoffs.fyi Tracker doesn’t count furloughs, but will be tracking which companies end up laying off their furloughed employees.

Below is a recap of the layoffs from this past week.

🏒 LinkedIn βˆ™ 🌎 SF Bay Area βˆ™ πŸ‘© 960 employees (6%) βˆ™ πŸ”—Source

  • Professional networking site LinkedIn laid off 960 employees (6%) across its Global Sales and Talent Acquisition teams. The company said its Talent Solutions business has been hurt due to a slowdown in hiring during the pandemic. Talent Solutions sells sourcing tools and job listings to help companies hire.

🏒 Lighter Capital βˆ™ 🌎 Seattle βˆ™ πŸ‘© 22 employees (49%) βˆ™ πŸ”—Source

  • Lighter Capital, which provides revenue-based financing to startups, laid off 22 employees (49%). The company previously cut 22% in April. Lighter Capital’s loans are repaid from a startup’s future revenue. But with startups facing lower revenue projections in light to the pandemic, it’s likely that Lighter Capital’s lending model is under pressure.

🏒 Curefit βˆ™ 🌎 Bengaluru βˆ™ πŸ‘© 120 employees βˆ™ πŸ”—Source

  • An India-based fitness startup, CureFit’s job cut affected 600 employees, 70-80% of whom were furloughed. The company previously laid off 800 employees in May. Fitness centers are part of India’s shutdown orders, and CureFit has had to permanently close a number of its gyms.
Monzo

Monzo launches layoff list amid multiple rounds of layoffs

🌎 London βˆ™ πŸ‘© Hundreds of employees βˆ™ πŸ–₯ Multiple departments

A London-based digital bank, Monzo laid off 120 of its U.K. employees in June and 165 of its Las Vegas employees in April. The company also previously furloughed 295 U.K. employees.

To help its laid-off employees find new roles, Monzo created a talent directory (see link πŸ‘‡) . It’s not clear whether the directory is meant to cover the company’s previous layoffs, or if there’s been a new round in July. In a LinkedIn post, an employee on Monzo’s talent team alludes to “saying goodbye to some incredibly valued colleagues at Monzo right now.”

As consumers pull back on spending, Monzo generates less revenue from the interchange fees on its debit card products. The company recently raised Β£60 million at a 40% lower valuation to its prior round last year.

The Monzo layoff list features 24 ex-employees, many of whom are engineers and designers.

Our live Layoffs Tracker has a real-time report of all startups that have done layoffs.

Layoffs Roundup: Thurs 7/16/20

Below is a recap of the layoffs from this past week. Check out the Layoffs.fyi Tracker for a complete list of all tech layoffs during the pandemic.

In case you missed it — we recently looked at usage data from the Layoffs.fyi List to see what types of laid-off employees were getting the most attention from recruiters. Among the findings: there are 4x as many searches for laid-off engineers as there are for the next most popular function (design). You can read the full analysis here.

🏒 OnDeck βˆ™ 🌎 New York City βˆ™ πŸ‘© 20% of employees βˆ™ πŸ”—Source

  • Small business lending company OnDeck laid off 20% of its staff, two sources told Layoffs.fyi. Finance blog deBanked attempted to email OnDeck’s head of corporate communications for comment, but received an auto-reply saying that he was no longer with the company.

🏒 Yelp βˆ™ 🌎SF Bay Area βˆ™ πŸ‘© 63 employees βˆ™ πŸ”—Source

  • Local reviews site Yelp plans to bring back “nearly all” of the 1,100 employees it furloughed in April, citing “cautious optimism” about the economic recovery. However, 63 employees will be laid off as a result of Yelp’s decision to keep its offices closed into next year.

🏒 Optimizely βˆ™ 🌎 SF Bay Area βˆ™ πŸ‘© 60 employees (15%) βˆ™ πŸ”—Source

  • A maker of A/B testing software, Optimizely laid off 60 employees (15%). Laid-off employees will receive severance pay and six months of COBRA (through 2020), and will be allowed to keep their laptop.

🏒 Vox Media βˆ™ 🌎 Washington D.C. βˆ™ πŸ‘© Unknown # employees βˆ™ πŸ”—Source

  • Vox Media, the owner of New York Magazine, The Verge, SBNation and Eater, previously furloughed 100 employees in April. Vox is planning to permanently lay off many of those employees, and may cut additional jobs as well. The company plans to miss its 2020 forecast by 25%, due in part to the pandemic’s impact on its coverage areas of sports and real estate.

🏒 Skyscanner βˆ™ 🌎 Edinburgh βˆ™ πŸ‘© 300 employees (20%) βˆ™ πŸ”—Source

  • A flight comparison website based in Scotland, Skyscanner plans to close or scale back many of its global offices outside the U.K. The company’s revenues β€œhave been hit significantly,” and it expects a full recovery to be “several quarters or possibly years away” due to the pandemic’s disruption on travel.

Layoffs Roundup: Thurs 7/9/20

Below is a recap of the layoffs from this past week. Check out the Layoffs.fyi Tracker for a complete list of all tech layoffs during the coronavirus pandemic.

🏒 Oyo USA βˆ™ 🌎 Dallas βˆ™ πŸ‘© Hundreds of employees βˆ™ πŸ”—Source

  • A global lodging company headquartered in India, Oyo permanently laid off a “large majority” of the U.S. employees it furloughed in April. A laid-off employee tells Layoffs.fyi that 90% of the U.S. team was affected, likely numbering hundreds of people. In an internal memo, Oyo’s COO said that its U.S. business is “showing positive signs of recovery.” However, U.S. revenue is still 25% below January’s levels, with global revenue only at ~30% of pre-COVID levels.

🏒 Funding Circle βˆ™ 🌎San Francisco βˆ™ πŸ‘© 85 employees βˆ™ πŸ”—Source

  • A London-based lending platform for small businesses, Funding Circle will lay off 85 U.S. employees to help its U.S. business move towards profitability. The company’s San Francisco technology development team will be consolidated to the U.K., and its sales and marketing operations will be moved to Denver.

🏒 The Wing βˆ™ 🌎 New York City βˆ™ πŸ‘© 56 employees βˆ™ πŸ”—Source

  • A co-working space for women, The Wing laid off an additional 56 employees after cutting half of its team in April. The company’s workspaces continue to be closed due to the pandemic, threatening its primary source of revenue. Laid-off employees will receive two months of severance pay along with extended healthcare benefits.

🏒 Hired βˆ™ 🌎 San Francisco βˆ™ πŸ‘© Unknown # employees βˆ™ πŸ”—Source

  • A hiring marketplace that matches tech companies with job candidates, Hired is the latest recruiting startup to conduct a layoff during the pandemic. The number of employees laid off is unknown, though one Layoffs.fyi source says that at least 5 engineers and possibly up to 50 employees total were affected.

🏒 Kongregate βˆ™ 🌎 SF Bay Area βˆ™ πŸ‘© 12 employees βˆ™ πŸ”—Source

  • A video game publisher and web gaming portal, Kongregate laid off 12 employees as part of a strategy shift. The company will be focusing more on developing games internally rather than publishing Flash-based games made by others. Kongregate apologized that some employees found out about their layoff through a direct deposit notification.

🏒 Havenly βˆ™ 🌎 Denver βˆ™ πŸ‘© 5 employees βˆ™ πŸ”—Source

  • An online interior design service, Havenly laid off 5 full-time workers and some temp workers in the spring. However, the company has begun hiring again in recent weeks, due to rising demand from people wanting to improve their living space during shelter-in-place.

Layoffs Roundup: Thurs 6/25/20

Below is a recap of the layoffs from this past week. Check out the Layoffs.fyi Tracker for a complete list of all tech layoffs during the coronavirus pandemic.

In case you missed it, our new Layoffs.fyi Severance Tracker tracks the details of severance packages offered by startups that have done layoffs. You can see how much each company gave in severance pay and healthcare coverage, whether they made any adjustments to employee stock options, and more.

🏒 Intuit βˆ™ 🌎 SF Bay Area βˆ™ πŸ‘© 715 employees (7%) βˆ™ πŸ”—Source

  • The maker of TurboTax and QuickBooks, Intuit said that staff cuts were needed to better align its team structure with its new strategy of becoming an “AI-driven expert platform.” In a blog post, the company’s CEO repeatedly referred to the layoff as “re-balancing our investments,” though rebalancing typically involves bringing a portfolio back to its original allocation rather than shifting to a new one (but I digress).

🏒 GoDaddy βˆ™ 🌎 Austin βˆ™ πŸ‘© 451 employees (6%) βˆ™ πŸ”—Source

  • Web hosting and domain name provider GoDaddy is closing both of its Austin offices, which housed its GoDaddy Social business unit. 814 employees are impacted in total — of those, 40% were “offered alternate roles” in another location, 331 employees in sales were laid off, and 120 employees from fulfillment and customer success were let go.

🏒 Sonos βˆ™ 🌎 Los Angeles βˆ™ πŸ‘© 174 employees (12%) βˆ™ πŸ”—Source

  • Despite having successfully taken thousands of dollars from my bank account over the years, wireless speaker company Sonos had to lay off 12% of its staff. Sonos is also closing its retail store in New York City and 6 satellite offices.

🏒 ScaleFactor βˆ™ 🌎 Austin βˆ™ πŸ‘© 90 employees (90%) βˆ™ πŸ”—Source

  • Just months after raising a $60 million Series C, automated bookkeeping company ScaleFactor is shutting down. The company said that the pandemic had wiped out half of its sales. Half of ScaleFactor’s 100 employees were laid off immediately, and all but 10 will be let go by the end of August.

🏒 Splunk βˆ™ 🌎 SF Bay Area βˆ™ πŸ‘© 70 employees (1%) βˆ™ πŸ”—Source

  • A maker of data intelligence software, Splunk eliminated roles within its Product Management, Engineering, and PMO teams, according to an internal email reviewed by Layoffs.fyi.

🏒 Redox βˆ™ 🌎 Madison βˆ™ πŸ‘© 44 employees (25%) βˆ™ πŸ”—Source

  • An API for healthcare data, Redox explained the circumstances surrounding the layoff on its company podcast.

🏒 Atlas Obscura βˆ™ 🌎 New York City βˆ™ πŸ‘© 14 employees (25%)

  • A travel media company that specializes in obscure destinations, Atlas Obscura laid off around 14 employees, two sources told Layoffs.fyi.

Layoffs Roundup: Thurs 6/18/20

Below is a recap of the layoffs from this past week. Check out the Layoffs.fyi Tracker for a complete list of all startup layoffs during the coronavirus pandemic.

In case you missed it, our new Layoffs.fyi Severance Tracker tracks the details of severance packages offered by startups that have done layoffs. You can see how much each company gave in severance pay and healthcare coverage, whether they made any adjustments to employee stock options, and more.

On the whole, our analysis shows that the severance packages in COVID-19 layoffs have been more generous than in a typical employee termination β€” with some offering as much as 20 weeks of pay!

🏒 PaisaBazaar βˆ™ 🌎 Gurugram βˆ™ πŸ‘© 1,500 employees (50%) βˆ™ πŸ”—Source

  • India’s largest online marketplace for lending products, PaisaBazaar’s layoff mostly affected its operations and business acquisitions teams. Paisabazaar has seen demand for new loans drop by almost 90% in some segments. Lenders have become more selective about who they approve, leading to fewer new loans originated. U.S.-based Credit Sesame and LendingClub have suffered from a similar trend here.

🏒 Grab βˆ™ 🌎 Singapore βˆ™ πŸ‘© 360 employees (5%) βˆ™ πŸ”—Source

  • The largest ride-hailing startup in Southeast Asia, Grab is the latest in the category to cut staff, following layoffs at Uber (U.S.), Lyft (U.S.), Ola (India), and Careem (Middle East). Grab mentioned it would also be sunsetting non-core projects and redeploying staff to focus on its delivery business.

🏒 SynapseFI βˆ™ 🌎 SF Bay Areaβˆ™ πŸ‘© 63 employees (48%) βˆ™ πŸ”—Source

  • A startup that provides banking infrastructure to other fintech companies, SynapseFI also said it was shifting its customer-facing operations to San Antonio. Additionally, the company plans to move upmarket to serve larger enterprises, suggesting that its customer base of smaller startups proved to be too risky amid the coronavirus pandemic. In December, the company and its CEO were sued for gender and age discrimination.
Newfront Insurance

Newfront Insurance layoff list released

🌎 San Francisco Bay Area βˆ™ πŸ‘© 94 employees βˆ™ πŸ–₯ All departments

Newfront Insurance, a commercial insurance brokerage, laid off 94 employees in April. The company said at the time that the layoff was concentrated in its engineering, recruiting, strategic growth, and operations teams. It added that the cuts were “business-related and not in any way reflective of these individuals’ performance.”

On Friday, the company released a Newfront Alumni List (see link πŸ‘‡), designed to “keep track of the talented people now looking for their next adventure.” The official Newfront layoff list contains 23 ex-employees actively looking for a job, mostly from their Operations and People & Talent functions.

Newfront offered laid-off employees severance packages and extensions of the exercise window on stock options. The company also said it slashed most of its executive pay by 20% and cut its co-founders’ salaries to zero.

Source: Coda.io

Our live Layoffs Tracker has a real-time report of all startups that have done layoffs.

Layoffs Roundup: Thurs 6/11/20

Startup layoffs continue to decline! πŸ“‰ This week is on track to extend the 8-week downward trend we highlighted on Monday. For another look, check outΒ TechCrunch’s analysisΒ of the Layoffs.fyi data.

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 βˆ™ 🌎 SF Bay Area βˆ™ πŸ‘© 50 employees (40%) βˆ™ πŸ”—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 βˆ™ 🌎 SF Bay Area βˆ™ πŸ‘© 46 employees (8%) βˆ™ πŸ”—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 βˆ™ 🌎 Los Angeles βˆ™ πŸ‘© 39 employees (14%) βˆ™ πŸ”—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 Sesameβˆ™ 🌎 SF Bay Area βˆ™ πŸ‘© 22 employees (14%) βˆ™ πŸ”—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 βˆ™ 🌎 SF Bay Area βˆ™ πŸ‘© 18 employees (14%) βˆ™ πŸ”—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.