Topics
Latest
AI
Amazon
Image Credits:Andry Djumantara / Getty Images
Apps
Biotech & Health
Climate
Image Credits:Andry Djumantara / Getty Images
Cloud Computing
Commerce
Crypto
endeavor
EVs
Fintech
fund raise
Gadgets
bet on
Government & Policy
ironware
Layoffs
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
Security
Social
Space
startup
TikTok
fare
Venture
More from TechCrunch
event
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
SeekOut , an eight - twelvemonth - old recruiting startup that use AI to find candidates , cut about 30 % of its work force this retiring Thursday , TechCrunch has learn .
“ Lately , we have been spending some $ 2 to earn $ 1 , and this last fiscal class , we obtain significant immediate payment burn , ” SeekOut ’s CEO Anoop Gupta and CTO Aravind Bala write in a alphabetic character to employees . “ regrettably , to put us on a sustainable trajectory , we must make significant employee reductions . ”
This is the second prison term the Seattle - based inauguration has had layoffs . SeekOut set off 16 employee in October , or about 7 % of its workforce at that time , GeekWire reported . After its October faculty undercut , the company had around 200 employee , according to the story .
The varsity letter said that the company made a decision to refocus and prioritize few initiatives that will have the big impact on client and add note value to the business .
“ This reduction is a strategic beat aimed at strengthening our financial position and maintaining our private-enterprise edge in the endowment acquisition and management segments . Departing employees are receiving extensive documentation , ” Sam Shaddox , SeekOut ’s general counsel and principal privacy officer , tell TechCrunch in an email .
SeekOut was last valued at over $ 1.2 billion in January 2022 , when it raised a $ 115 million in aSeries C round lead by Tiger Global . At that time , the company ’s gross was growing 300 % a year and its yearly recur revenue ( ARR ) cast between $ 25 million and $ 50 million .
But the recruiting surround has changed considerably since then . Finding talent in arena such as technology has become much easier amid the uprise pastime rate surroundings , which lead both large companies and startup to pay up more attention to their bottom line .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
Tech giants , such asAlphabet and Meta , have laid off many thousands of prole throughout 2022 and 2023 . The trend inescapably hurt SeekOut ’s clientele : The company ’s computer software help large companies in industry such as applied science , pharmaceuticals , aerospace , defense and banking name “ severe to ascertain ” and various nominee .
SeekOut ’s other investors admit Madrona Venture Group and Mayfield .
