ClickUp, the software-as-a-service startup that provides a workforce productiveness platform and counts storied traders Andreessen Horowitz and Tiger International amongst its backers, has laid off 10% of its workforce. With a complete headcount of about 900 workers, it represents roughly 90 folks. The corporate says it appears to turn into extra environment friendly and be higher positioned for a public itemizing amid the continuing slowdown available in the market.
The San Diego-based startup notified a few of its affected workers about layoffs final Thursday, TechCrunch discovered and later confirmed by way of an e mail. Different workers who’re additionally impacted by the job-cut determination will transition out over the subsequent few months. Individuals affected included these from the software program engineering division in addition to customer support and help groups.
“We made the tough determination to scale back the dimensions of our workforce, primarily to maneuver a portion of our help roles to lower-cost areas,” stated Zeb Evans, founder and CEO of ClickUp, in an announcement to TechCrunch. “This realignment allows us to be a best-in-class IPO-ready firm in effectivity whereas persevering with to overachieve in progress.”
Impacted workers will obtain a severance package deal lasting 12 weeks, six months of insurance coverage protection and 6 months of entry to the startup’s worker help program. As well as, the startup has allowed the laid-off workers to retain their laptops and tools and has prolonged help to these on a visa.
In 2022, ClickUp laid off 7% of its workers as part of its restructuring. On the time, as reported by Protocol, a ClickUp spokesperson described the transfer as a “one-time determination” to remain on monitor towards profitability.
ClickUp names Reserving.com, IBM, Spotify, T-Cellular and Netflix amongst its prospects. It gives a unified platform for doc collaboration, challenge administration, spreadsheets and chat. The startup additionally not too long ago adopted in huge tech corporations’ footsteps and launched its AI-based helping answer.
Based by Zeb Evans and Alex Yurkowski in 2017, ClickUp raised $400 million in a Collection C funding spherical co-led by Andreessen Horowitz and Tiger International at a post-money valuation of $4 billion. The startup additionally contains Lightspeed Enterprise Companions, Meritech Capital Companions, Craft Ventures and Georgian Companions amongst its traders.
“We’re very grateful for the contributions of the staff who’ve been impacted and are dedicated to supporting them all through this transition. On the identical time, we are going to proceed to rent for roles aligned with our mission, particularly these geared in the direction of product and income,” the CEO stated.