Social media marketing firm Hootsuite says it has slashed its workforce by 30%.
“We need to refocus our strategies to drive efficiency, growth and financial sustainability,” CEO Tom Keiser said in a statement sent to TechCrunch. The company offered no specifics on what exactly is changing about the business. It did not disclose the specific number of workers affected, nor would it say if they received any severance.
However, a June report from the Globe and Mail pegged the Vancouver-based company’s headcount at more than 1,400, suggesting that around 400 people were hit by the job cuts — the latest in a brutal wave of tech layoffs.
Hootsuite has raised more than $300 million in capital to date, per Pitchbook. Its backers include Fidelity, a Boston-based investment firm, and Accel, the Palo Alto-based VC.
The social media firm was rumored to be worth around $1 billion back in 2014, yet Pitchbook estimates the firm was worth around $750 million as of 2019. That same year, the company laid off 10% of its staff amid reports that it had failed to sell itself.
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