SeekOut, a recruiting startup last valued at $1.2 billion, lays off 30% of its workforce – By Marina Temkin (Techcrunch) / May 20, 2024
SeekOut, an eight-year-old recruiting startup that uses AI to find candidates, cut about 30% of its workforce this past Thursday, TechCrunch has learned.
“Lately, we have been spending roughly $2 to earn $1, and this last fiscal year, we incurred significant cash burn,” SeekOut’s CEO Anoop Gupta and CTO Aravind Bala wrote in a letter to employees. “Unfortunately, to put us on a sustainable trajectory, we must make significant employee reductions.”
This is the second time the Seattle-based startup has had layoffs. SeekOut laid off 16 employees in October, or about 7% of its workforce at that time, GeekWire reported. After its October staff cuts, the company had around 200 employees, according to the report.
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