Highspot is shedding about 100 staff, or 10% of its workforce, turning into the newest well-funded Seattle firm to chop staff in response to financial uncertainity.
“We should confront the financial actuality and scale back headcount to steward our firm to function extra effectively whereas persevering with to put money into strategic areas, equivalent to synthetic intelligence, product innovation, and international enlargement,” Highspot CEO Robert Wahbe mentioned in an announcement.
A Highspot spokesperson mentioned the cuts will influence all departments. The corporate now has 950 staff.
Many startups are being suggested to put off staff in an effort to cut back prices and lengthen their money runways. Highspot is the newest Seattle unicorn to slash positions, becoming a member of Karat, Icertis, Rad Energy Bikes, Convoy, Qumulo, and others.
In one of many largest funding offers within the Pacific Northwest final yr, Highspot raised $250 million, pushing its valuation to $3.5 billion. Its complete funding up to now is $650 million.
The corporate ranks No. 6 on the Startup 200, our rating of high Pacific Northwest startups.
The spokesperson mentioned the discount in pressure will assist Highspot make new investments, equivalent to its enlargement in Canada. The startup has 5 workplaces exterior the U.S., along with its Seattle HQ. .
Wahbe based the corporate in 2011 with former colleagues Oliver Sharp and David Wortendyke. It sells enterprise software program to assist make salespeople extra environment friendly, equipping them with expertise to enhance how they’ve conversations with potential patrons, amongst different options. Clients embrace giants equivalent to DocuSign, Workday, Siemens, Adobe, and others.
Highspot backers embrace B Capital Group; D1 Capital Companions; ICONIQ Development; Madrona Enterprise Group; Salesforce Ventures; Sapphire Ventures; and Tiger World Administration.