Carta, an equity management platform that was last privately valued at $7.4 billion, has cut 10% of its staff, confirming earlier rumors that a workforce reduction was in the works. Using LinkedIn data, the layoff could have impacted around 200 employees.
Today’s layoff is around the same size as its 2020 workforce reduction, an event that CEO Henry Ward then partially attributed to a decline in new customers given the coronavirus’ impact on business. Years later, Ward is striking the same tone.
In an e-mail sent to staff today, obtained by TechCrunch, the CEO said that “if our customers suffer, so do we. And right now the entire tech and venture ecosystem is suffering.” The company claims that it cut costs in travel, vendor spend, marketing spend and investments in new bets, but that it ultimately had to reduce headcount.