Highspot is laying off about 100 employees, or 10% of its workforce, becoming the latest well-funded Seattle company to cut employees in response to economic uncertainty.
“We must confront the economic reality and reduce headcount to steward our company to operate more efficiently while continuing to invest in strategic areas, such as artificial intelligence, product innovation, and global expansion,” Highspot CEO Robert Wahbe said in a statement. A Highspot spokesperson said the cuts will impact all departments. The company now has 950 employees.
Many startups are being advised to lay off employees in an effort to reduce costs and extend their cash runways. Highspot is the latest Seattle unicorn to slash positions, joining Karat, Icertis, Rad Power Bikes, Convoy, Qumulo, and others. In one of the largest funding deals in the Pacific Northwest last year, Highspot raised $250 million, pushing its valuation to $3.5 billion. It’s total funding to date is $650 million.