Home TypeNews Virtual events platform Hopin to cut 12% of staff

Virtual events platform Hopin to cut 12% of staff

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Virtual event platform Hopin is reported to have cut 138 full time employees – equivalent to 12% of its workforce.

The platform which grew rapidly amid the pandemic is reported to have said they were reorganising to ‘solve overlaps and duplications’.

In messages reportedly leaked to TechCrunch,  CEO Johnny Boufarhat said layoffs had been made to ‘solve overlaps and duplications’ in order to ensure that Hopin is ‘more efficient while ensuring we have the required financial discipline and organisational rigour’.

Dutch blogger Gergely Orosz’s first reported that redundancies were underway at the unicorn. The tech commentator suggested the platform had “misjudged the post-Covid market”.

A Hopin spokesperson said: “Following unprecedented growth and several acquisitions, we are reorganising to align with our goals for greater efficiency and sustainable growth. It’s not easy to part ways with teammates, and we’re deeply grateful for the impact they’ve had while at Hopin.”

A Hopin spokesperson also reportedly said that employees impacted by Hopin’s layoffs will receive three months of compensation, health benefits and their laptops. The company is using RiseSmart, a recruitment agency, to help them with job hunting.

UK-based Hopin was named Europe’s fastest-growing start-up ever in 2021 by Sifted. In just two years the virtual events platform grew its valuation to a staggering $7.75bn after raising more than $1bn, including $450m in a Series D funding round last August.

In March 2021, Hopin acquired video hosting service Streamable and video technology company jamm. At the end of 2020, Hopin had bought live streaming startup, StreamYard.

As a result, the platform has scaled from six to 1,150 employees since the beginning of 2020. According to TechCrunch, 138 full-time employees, or 12% of staff have been impacted by the redundancy round.

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