Rapid grocery delivery service Milkrun is reducing its headcount by 20% and will consolidate the number of delivery hubs as founder Dany Milham sets up the business to survive into 2024 amid a hunt for additional capital. In a letter to staff today, Milham said that economic and market conditions are changing rapidly and they “need… Read more »
Sydney autonomous driving technology startup Baraja has sacked around 75% of its workforce. The layoffs come just a month after the business received an undisclosed level of investment from Swedish automotive safety company Veoneer, which Baraja CEO and cofounder Federico Collarte said “validates the market traction” of the business. Baraja was founded in 2015 by… Read more »
The Australian venture capital arm of Salesforce is one of the victims of the tech giant’s massive job cuts, with Salesforce Ventures head of Australia Mike Ferrari among those shown the door. The VC’s local portfolio of companies will now be managed from the US. Earlier this month, the 23-year-old California-based software company announced a… Read more »
Nearly 100 staff at real estate and infrastructure digital twin startup will be looking for next jobs in the new year after the company cut 22% full-time employees and contractors, less than 10 days after announcing it had raised US$28.8 million (A$42m). The Sydney- and US-based startup is backed and chaired by former Macquarie CEO Nicholas… Read more »
Queensland cryptocurrency exchange Swyftx has shed another 90 jobs in the wake of the FTX implosion. The business, laid off around 36% of its remaining workforce of 250 people, having cut 74 roles less than four months ago, when the headcount sat at 320. The business announced a merger with investment platform Superhero in June… Read more »
The meteoric rise of restaurant ordering and payments platform Mr Yum has flamed out with the company announcing it will shed more than 40 jobs globally with CEO and cofounder Kim Teo admitting they “increased our headcount too quickly.” Less than nine months after raising $89 million in Australia’s third-largest Series A, led by US… Read more »
Brisbane cryptocurrency exchange Swyftx has laid off 74 staff in the wake of its merger with share trading platform Superhero in June. Co-CEOs Alex Harper and Ryan Parsons broke the news to the a 320 team at a “townhall” meeting on Wednesday saying that they’d decided to reduce the site of the business in the… Read more »
Link-in-bio startup Linktree is cutting around 50 jobs from its global workforce, reducing staffing by 17%. Cofounder Alex Zaccaria told staff in an email that “the news I have to share with you all today harder than anything I have ever done”. “Our people have built Linktree into what it is today: trusted by millions… Read more »
Sydney NFT gaming startup Immutable, has cut 20 staff from its team, less than five months after raising $280 million. CNET’s Jackson Ryan reports that Immutable CEO and cofounder James Ferguson announced the cuts, which account for around 6% of total staffing, at an all-hands meeting held via Google Meet on Monday. Staff were offered… Read more »
Debt collection fintech Indebted has raised $22.5 million in a round that has doubled the company’s valuation to $200 million. But the round, led once again Perennial Value Management, which came on board 12 months ago to lead a $25m Series B last July, comes as the business also sheds 17% of its staff, with… Read more »
Parcels delivery challenger brand Sendle is the latest startup to trim its sales, cutting 12% – around 26 positions – from its team. The eight-year-old company, which pitches itself as the pugnacious alternative to Australia Post, raised $45 million 12 months ago from the likes of ASX-listed AP Ventures and NRMA Insurance. In the past… Read more »
Over the past few weeks, you’ve probably seen a flurry of news stories popping up around fast-growing, sexy startups all of a sudden going through layoffs. For a lot of young talent who began their careers post-GFC, this is our first time navigating the world of work in a significant market downturn (and particularly one… Read more »
HealthMatch, a five-year-old medtech that’s like Tinder for clinical trials, matching researchers with patients, has been forced to halve its team, shedding 18 jobs, as the local tech sector braces for a long startup winter. The cuts come 18 months after Paul Bassat’s Square Peg Capital led an $18 million round in the Sydney-based startup, which… Read more »
Melbourne cryptocurrency startup Banxa is shedding 30% of its staff amid the current digital assets crash and a plunging share price. The fintech, founded in 2014 and listed in Canada on the Toronto Stock Exchange’s Venture Exchange in January 2021 (TSXV:BNXA). Banxa claims to be “one of the fastest growing fiat (cash) to Web3 solutions… Read more »
Creative marketplace Envato is one of the first globally-focused Australian tech companies to shed jobs amid a US tech downturn, with 100 jobs to go. While Tesla boss Elon Musk flagged cutting 10% of the EV maker’s 100,000-strong workforce, and the US tech sector shedding 16,000 jobs in May, cutting staffing continues in June, with… Read more »
The one that got away: After paying $230 million for Catch, Wesfarmers is shutting it down 
Telstra makes $700 million bet on AI to transform its business in Accenture joint venture 
Antler Investor Memo Series: Lyngo AI answers the healthcare communication crisis with AI receptionists 
Monash Uni lithium extraction spinout raises $27.5 million Series A 
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