Loom, an enterprise collaboration video messaging service, has laid off 34 staff, or 14% of its complete workers, sources say. Staff throughout product and folks operations had been impacted.
The venture-backed firm confirmed the layoff and variety of individuals impacted, and supplied the next assertion from founder and CEO Joe Thomas:
We’ve needed to make the extraordinarily tough determination to maneuver ahead with a discount in drive throughout our workforce. Every individual impacted was not solely a gifted worker, but additionally a valued particular person and teammate. We’re dedicated to supporting these staff by means of this transition each of their supplied severance in addition to profession help. We’re assured within the path forward for Loom. This determination was finally made to make sure we’re in a position to transfer ahead sustainably, particularly in gentle of elevated financial uncertainty, and proceed to ship on our imaginative and prescient for years to return.
The corporate was based by Thomas and Vinay Hiremath in 2015, hitting 1.8 million customers throughout 50,000 companies simply three years later. Per its web site, Loom at present boasts 14 million customers throughout 200,000 firms — together with Netflix, Atlassian, HubSpot and Juniper Networks.
Just like Hopin, Loom benefited from a surge of individuals working from dwelling in response to the COVID-19 pandemic; the product was positioned to assist distant employees discover higher methods to attach with colleagues in a virtual-first world, and assist hybrid workforces discover a light-weight option to skip some conferences. Then, once more just like Hopin, the startup performed layoffs to assist it construct in what it describes as a extra sustainable manner transferring ahead.
That development has attracted $203 million in identified enterprise capital funding, with the corporate most not too long ago saying a Sequence C led by Andreessen Horowitz. The identical spherical valued the corporate at $1.53 billion, making it hit unicorn standing for the primary time. Kleiner Perkins, Sequoia, Coatue and Common Catalyst are additionally buyers within the firm.
Over a 12 months has passed by because the startup landed the brand new financing and valuation, and per immediately’s information, Loom joins the membership of unicorns which have needed to reduce workforces after touchdown the coveted milestone.
Lower than a 12 months in the past, visible creator instruments startup Picsart raised $130 million from SoftBank, touchdown a valuation of over $1 billion. The corporate laid off 8% of its workers final month, affecting 90 individuals. Cameo, which additionally turned a unicorn final 12 months, additionally not too long ago performed layoffs that impacted 87 individuals.