+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

10 startups, including ClassPass and TheWing, have begun cutting significant proportions of their workforces just this week

Apr 4, 2020, 06:32 IST

A wave of startup layoffs prompted by the coronavirus pandemic appears to have hit almost every sector - travel companies like TripActions, child-care startup Wonderschool and electric scooter startup Bird have all been forced to lay off workers in recent weeks.

Advertisement

Venture-backed startups are grappling with a new economic reality brought by the coronavirus pandemic - plans to raise funding are dissolving rapidly as the threat of a recession grows. Already, funding for private companies has fallen by 12% according to CB Insights and it seems likely to dry up further. There are also reports from founders saying investors are using the COVID-19 pandemic to renege on deals, Business Insider previously reported.

So as startups begin to draft emergency plans to conserve cash this week, job cuts across the ecosystem have ramped up further, even as the coronavirus outbreak prompts historic layoff activity across the entire US economy.

Business Insider is tracking the layoffs and what's happening at each company. The numbers are based on our own reporting as well as media reports elsewhere.

Coco-Cola-backed buzzy startup Iris Nova laid off 50% of its staff

Source: Business Insider

Women-focused coworking space The Wing laid off almost all of its space teams and half its headquarters

Source: Fast Company

ClassPass has cut or furloughed the jobs of half of its employees

Source: CNBC

Austin-based unicorn RigUp laid off 25% of its workforce

Source: AmericanInno

Services-focused platform Thumbtack cut 250 employees

Source: Thumbtack

Pet-care startup Rover laid off 41% of its workforce

Source: GeekWire

Overtime, the Kevin Durant-backed sports media startup, laid off 20% of its employees

Source: Business Insider

KeepTruckin laid off 349 employees

Source: FreightWaves

DTC lingerie startup ThirdLove cut between 30-35% of its staff

Source: Business Insider

E-commerce company Modsy laid off an unspecified number of staffers

Source: TechCrunch

You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article