Policygenius, an online retailer of insurance products, has fired about 170 employees, according to people who are directly familiar with the matter. This is about 25% of the total workforce.
Jennifer Fitzgerald, CEO, announced a reduction in headcount due to the economic slowdown at a Zoom Town hall. Layoffs are widespread and affect data science, engineering, customer service, and sales employees.
The company has more than 600 employees. The layoff of Policygenius took place after the company was reported to have raised $ 125 million in a Series E round in March. According to a press release, the company intended to use the new funds to grow its business. Earlier this year, the company launched Policygenius Pro. It is a platform that allows partner merchants to use their software and operations to sell life insurance from their affiliated carriers.
Policygenius was founded in 2014 by Fitzgerald and Francois de Lame. Both previously worked for management consultant McKinsey & Company.