Tech Gadget Central Latest Tech News and Reviews
ClickUp, a workforce productivity platform startup backed by Andreessen Horowitz and Tiger Global, laid off 10% of its staff. It employs about 900 people. The company wants to improve efficiency and position itself for a public listing amid the market slowdown.
Learned and confirmed via email that the San Diego startup informed some affected employees of layoffs last Thursday. Over the next few months, other job-cut employees will leave. Customer service and software engineering teams were affected.
“We made the difficult decision to reduce the size of our workforce, primarily to move a portion of our support roles to lower-cost regions,” Zeb Evans, founder and CEO of ClickUp, told . This realignment makes us a best-in-class IPO-ready company in efficiency while continuing to overachieve in growth.
Impacted employees will receive a 12-week severance package, six months of insurance, and six months of employee assistance from the startup. The startup also supports visa-holders and lets laid-off workers keep their laptops and equipment.
ClickUp restructured in 2022 and fired 7% of its employees. Protocol reported that a ClickUp spokesperson called the move a “one-time decision” to stay profitable.
Booking.com, IBM, Spotify, T-Mobile, and Netflix use ClickUp. It integrates document collaboration, project management, spreadsheets, and chat. The startup also launched an AI-based assistant like big tech companies.
Zeb Evans and Alex Yurkowski founded ClickUp in 2017, and Andreessen Horowitz and Tiger Global led a $400 million Series C funding round at a $4 billion post-money valuation. Lightspeed Venture Partners, Meritech Capital Partners, Craft Ventures, and Georgian Partners invest in the startup.
“We are grateful for the contributions of the impacted employees and committed to supporting them throughout this transition. “We will continue to hire for roles aligned with our mission, especially those focused on product and revenue,” the CEO said.
