Linktree, the link-in-bio platform, announced today that it will be laying off 27% of its workforce, or around 70 employees. The layoffs come as the company faces increased competition and a slowdown in growth.
In a memo to employees, Linktree CEO Alex Zaccaria said that the layoffs were necessary to “ensure that we are best positioned for long-term success.” He said that the company would be focusing on its core markets and expanding its team in the United States.
The layoffs will impact employees across all departments, including product, engineering, marketing, and sales. Zaccaria said that the company would be providing severance packages and outplacement services to affected employees.
Linktree was founded in 2016 and has grown to become one of the most popular link-in-bio platforms. The company raised $100 million in funding last year at a valuation of $1.5 billion.
The layoffs at Linktree are the latest sign of trouble in the tech industry. In recent months, a number of tech companies have announced layoffs, including Meta, Twitter, and Netflix.
The tech industry is facing a number of challenges, including rising inflation, a slowdown in economic growth, and the war in Ukraine. These challenges are putting pressure on tech companies to cut costs and focus on their core businesses.
The layoffs at Linktree are a reminder that even the most successful tech companies are not immune to economic downturns. The company is hoping that the layoffs will help it weather the current storm and emerge stronger on the other side.