London-based events platform Hopin has cut 29% of its workforce, its second round of layoffs in five months.
The latest job cuts will see 242 direct employees leave Hopin, a company spokesperson told UKTN.
Most of the layoffs are in roles supporting its events business and follow preventative efforts by the startup, such as a hiring freeze and slashing marketing spend.
Those that have lost their jobs will receive three months pay and health benefits, plus access to its mental health benefits for a further six months.
Hopin added that some of its senior executives will also be leaving the business.
It comes after the unicorn cut 12% of jobs in February.
“We’ve made the very difficult decision to reduce our workforce given the current macroeconomic climate and need for our events product to move forward efficiently,” a Hopin spokesperson told UKTN.
They added: “We’re extremely grateful for our departing colleagues and friends and will always appreciate their talent, contributions and impact on Hopin. While we took preventative measures before looking at a more significant restructure, it became necessary to simplify our events business and supporting operations to build a profitable and sustainable company.”
The latest wave of job cuts marks a significant change in fortunes for the company, which enjoyed rapid growth during the pandemic as organisations turned to its virtual events platform during lockdown restrictions.
Hopin became the fastest-growing European tech startup of all time in March 2021, hitting a $5bn valuation in one year and nine months.
Hopin reached a peak valuation of $7.75bn following its last funding round, a $450m Series D closed in August last year. In total, it has raised $1bn in venture capital funding.
But since restrictions have lifted and in-person events have resumed, the virtual events platform has been forced to pivot into hybrid events and scale back its growth plans.
Hopin declined to share its latest valuation.
The latest layoffs were first reported by Business Insider.