Outreach laid off 12% of its staff this week, the latest round of layoffs at the Seattle-based startup.
A company spokesperson confirmed the headcount reduction in response to a GeekWire inquiry Wednesday evening.
Outreach cited shifting economic conditions that have pushed the sales tech startup to implement a wide array of cost-cutting measures.
Outreach did not provide an updated headcount. It will offshore certain business functions to Mexico City and India.
“This decision was not made lightly,” the spokesperson said. “The overall economic environment has changed significantly over the last year. In order to ensure Outreach’s long-term success, we are making several changes to keep our costs in-line with a company of our size and stage.”
The layoffs come after Outreach had a 5% cut in August 2022 and a 7% workforce reduction in February. It most recently laid off 5% of its staff last month. The startup also said in February that it suspended merit increases and the expansion or relocation of offices.
“Our balance sheet remains strong, and we’re confident that these changes, along with ones we’re making internally, will help us achieve our goal of reaching profitability next year,” the spokesperson added.
Outreach, launched in 2014, has more than 6,000 customers including Zoom, Siemens, Okta, DocuSign, and McKesson. It became a so-called unicorn startup in 2019 when it raised $114 million and surpassed a $1 billion valuation. It raised two additional fundraising rounds in 2020 and 2021.
Seattle unicorn startups including Rad Power Bikes, Highspot, Karat, Convoy, and others have made cuts this year.
Outreach is backed by Sands Capital, Salesforce Ventures, Operator Collective, Lone Pine Capital, Spark Capital, Meritech Capital Partners, Trinity Ventures, Mayfield, and Sapphire Ventures.
The startup is ranked No. 2 on the GeekWire 200, our list of the top privately held companies in the Pacific Northwest.
Source: Geek Wire
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