Sonder, the San Francisco-based short-term rental company has just announced in an internal memo that it has laid off 21% of its employees and will carry out this layoff over the next two weeks.
As of this article, sonder employs 1300 employees around the globe. Most of the layoffs seem to have happened in the San Francisco office and a smaller percent rest of the globe.
This San Francisco based company signs multi-year deals and partnerships with Residential buildings, Apartments, and rents out to travelers or business travelers through direct bookings or other booking sites such as Airbnb, Expedia..etc
As per the internal sources and LinkedIn posts of the current employees who were affected by these layoffs- the engineering, recruitment and operation teams seem to have taken a larger hit as part of this layoffs.
It is also to be noted that sonder did cut one-third of its workforce in the early period of the pandemic around the end of March 2020.
Sonder very much delayed stock market IPO debut finally came along with an injection of 310 million from private equity firms while also the company having a $165 million credit line.
The company started its IPO journey as a public company with a $1.925 billion valuation which having it lower than an earlier estimate of $2.2 billion dollars the IPO was said to be delayed from October 2021 until Jan 19th, 2022.
