Tech company layoffs

The tech company layoffs: have hit Europe. Several of Europe’s best-known startups have made drastic cuts to their teams to cut costs and preserve their cash runway as the global economy takes a downturn.

Tech stocks have crashed on public markets, and private company valuations have taken a hit as a result. Investors are writing cheques more cautiously while urging their portfolio companies to preserve cash. Consumers are also beginning to watch their pennies, putting B2C startups in an especially tight position.

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That means it’s an unfortunate time to be out raising funding — and particularly bad timing if you’re a scaleup with a big monthly burn rate.

So far, fintech giant Klarna, speedy grocery poster child Gorillas, online events platform Hopin and digital health company Kry have announced sizeable layoffs.

Here, we list the layoffs that we know of — and hope that this helps to hire managers at other startups to know where to look for new talent.

Tech company layoffs: European startups letting employees go

Fintech

  • Nuri, the Berlin-based digital bank, announced it is letting go of part of its team. The company told Sifted that 45 employees will be affected — that’s 20% of its workforce. CEO Kristina Walcker-Mayer said in a blog post that the business needs “to shift our strategic plans towards earlier profitability to adapt to the new reality in the financial markets”
  • Klarna, the buy now, pay later giant, plans to lay off 10% of its global workforce. The majority of roles affected are based in Stockholm, Sifted analysis shows, while when it comes to departments, the talent acquisition, and engineering teams have been hardest hit.
  • Uncapped, the revenue-based financing startup has made 29 of its staff redundant — 26% of its total headcount. Most of the roles cut were product engineers, the company told Sifted.

Latch, a prop-tech meets SaaS play, conducts two consecutive weeks of layoffs

Consumer

  • Gear, the grandad of the fast grocery delivery sector, is cutting around 14% of its staff globally — about 4,500 roles
  • Gorillas, the fast grocery delivery startup, is letting around 300 employees go from its Berlin headquarters
  • Zapp, the speedy grocery delivery startup, told staff in an email, seen by Sifted that 10% of its team is facing redundancy. The email cited increased inflation, the war in Ukraine, and supply chain disruption as factors behind the layoffs. Zapp confirmed the situation to Sifted

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Healthtech

  • Kry, the digital health scaleup, confirmed it was letting go of 10% of its workforce (around 100 people)

SaaS

  • Hopin, the once extremely highly valued online events platform, lets 138 employees go in February (12% of its staff)

Our list of tech company layoffs in Europe will be regularly updated. If you work at a company that announces layoffs, please let us know. This article was last updated on May 26, 2022. 

Tech companies still hiring in Europe

Not all startups have been so badly affected by the global downturn, however. These companies are still hiring for plenty of roles.

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