startups flexport and carta announce layoffs
San Francisco : Carta Inc. and Flexport Inc., are 2 startups that are about to announce layoffs. These are big $7 billion companies. But this company is going to reduce the number of its employees.
The company gives a logistics platform that other many companies use to order merchandise from suppliers. This company also gives features to manage the supply of goods. It provides space for companies to deliver goods by ship and reputable companies can also track the status of goods there.
Flexport says it will help companies ship $19 billion worth of cargo in 2021. In Feb 2021 the company builds an investment of $935 million with the help of MSD Partners and Andreessen Horowitz. The investment was valued at over $8 billion.
Flexport is a company that gives a cloud-based atmosphere. And this company is all set to cutoff it is 20% of t workforce the which is approved x to 640 employees. Dave Clark and Ryan Peterson who are the Co-Chief Executive Officers of the company announced the news of the upcoming layoff in the morning.
During the time of announcing this cutoff, the company said in the statement by Clark and Petersen that the macroeconomic downturn has impacted businesses around the world wrote. They also quoted that “Our customers have been impacted by these challenging conditions, resulting in a reduction to our volume forecasts through 2023. ” So to reduce the workforce the company had done this.
Flexport said that they will provide support to employees which are going to face layoffs. In the United States, Company will provide 12 weeks of severance pay. 6 months of healthcare coverage, and access to an internal talent directory with bonuses, immigration support, equity vested acceleration, and job opportunities.
Another venture Carta, a software startup, is also cutting its employees. TechCrunch reported today based on a memo that the startup is all set to cut 10% of its workforce, which equates to 200 employees.
Carta will also provide two and a half months of pay. It also offered the staff who are not facing the cutoff an opportunity to give resign and take the bonus salaries.
So, with this news of layoffs, Flexport and Carta are on the list of companies that have cut staff in the recent past. Let me remind you about the layoffs at Vimeo and Salesforce that were announced just a few days ago.