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Veho , a package delivery company , confirmed that it place off 19 % of its bodied / exempt employee head count , or about 65 jobs . Asfirst reported by The Information , these layoff came after Veho farm revenue nearly 90 % in 2023 .
“ We comport a reorganisation of our bodied squad to improve efficiencies , accelerate our itinerary to profitability and be able-bodied to endow more in area that directly impact our client ’ needs and our growth , ” concord to a company statement sent to TechCrunch .
The logistics engineering science company , found in 2016 by Itamar Zur and Fred Cook , is croak after the last - mile section of delivery — how packages get from fulfillment centre to the customer ’s door .
In former 2022 , Veho was not in a unfit way . The party had maturate 40 % in receipts and 20 % in its client substructure from the twelvemonth prior . There were also plan to jump from 500 employees to 2,000 by the end of 2022 .
It also was lucky in venture capital during the pandemic as shopping shifted online . At that time , the company raised$170 million in Series B fundingin a round , led by Tiger Global Management , that bumped up the company ’s valuation to $ 1.5 billion .
That was after announcing$125 million in Series A fundingtwo month prior , the round that labor Veho into unicorn soil . General Catalyst led that round .
With now over $ 300 million in venture - backed funding at its disposal , Veho added markets andbrought on a number of executivesat the terminal of 2022 , including Eric Swanson as principal commercial officer and Brian McDevitt as chief tax revenue officer .
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In the summer of 2023 , the company went into11 New England marketsand was work with customers like Kroger , Saks , Nordstrom , Misfits Market , HelloFresh and Nespresso . At that clock time , Veho enounce it had 910 employee across corporate and storage warehouse teams and was look to replete extra position .
Even with the continued ontogenesis , the company was n’t without problems last class , according to The Information . Those included laying off customer and equipment driver sustenance stave and shifting those line oversea .
Then Swanson leave in March , according to hisLinkedIn profile . In December , Veho nominate Deborah Surrette , a former vice president of sale at Oracle , to that function . McDevitt ’s social metier profiles still say he is CRO , however , The Information describe he get out as well .
increase freight ratesandconsolidationcontinue to affect the logistics industriousness , so we ’ll have to see what happens . Veho remains optimistic , telling TechCrunch that its capital position “ is very strong and we are building on our strong impulse and record blossom season in 2023 . ”
