San Francisco-based tech firm lays off a third of employees
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On Deck, a tech company that helps people launch and build their businesses, has laid off a third of its staff, TechCrunch reported. These layoffs come three months after the company let go of a quarter of its staff in early May.
In an August 4 blog post, On Deck announced a restructuring of the company that resulted in a number of roles being eliminated.
“An unfortunate effect of this decision is that we are parting ways with top talent,” a spokesperson told SFGATE.
On Deck told TechCrunch that 73 full-time employees were laid off. Those 73 people will be provided with 8 weeks of pay, 3 months of healthcare coverage and 3 months of “accelerated option vesting.” Recruiters looking to hire any of On Deck’s laid off employees can request access to a list of those looking for new positions.
“We are going back to our roots, re-focusing On Deck exclusively around our core founder communities, products, and marketplaces,” the company’s blog post reads.
On Deck launched in 2019. Since then, the companies it has worked with have amassed a worth of over $8 billion and raised over $800 million, the spokesperson said. This rapid growth was part of the company’s decision to downsize its staff.
“Our team worked tirelessly to expand and cover a large surface area. However, this broad focus also caused substantial tensions. What we’ve always projected as a strength — serving multiple user groups and building flywheels between them — also fractured our focus and brand,” the blog post reads.
On Deck also plans to split into two companies, stating that it will be “spinning out our top career communities into a new company, led by a small group of On Deck employees and alumni.” Other communities within the company will be disbanded.
The company’s layoffs are the most recent in a string of mass tech layoffs that have jolted the industry over the past few months.
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