Sales software company Highspot cuts 10% of its workforce
Highspot is laying off about 100 employees, or 10% of its workforce, becoming the latest well-funded Seattle company to cut employees in response to economic uncertainity.
“We must confront the economic reality and reduce headcount to steward our company to operate more efficiently while continuing to invest in strategic areas, such as artificial intelligence, product innovation, and global expansion,” Highspot CEO Robert Wahbe said in a statement.
A Highspot spokesperson said the cuts will impact all departments. The company now has 950 employees.
Many startups are being advised to lay off employees in an effort to reduce costs and extend their cash runways. Highspot is the latest Seattle unicorn to slash positions, joining Karat, Icertis, Rad Power Bikes, Convoy, Qumulo, and others.
In one of the largest funding deals in the Pacific Northwest last year, Highspot raised $250 million, pushing its valuation to $3.5 billion. Its total funding to date is $650 million.
The company ranks No. 6 on the GeekWire 200, our ranking of top Pacific Northwest startups.
The spokesperson said the reduction in force will help Highspot make new investments, such as its expansion in Canada. The startup has five offices outside the U.S., in addition to its Seattle HQ. .
Wahbe founded the company in 2011 with former colleagues Oliver Sharp and David Wortendyke. It sells enterprise software to help make salespeople more efficient, equipping them with technology to improve how they have conversations with prospective buyers, among other features. Customers include giants such as DocuSign, Workday, Siemens, Adobe, and others.
Highspot backers include B Capital Group; D1 Capital Partners; ICONIQ Growth; Madrona Venture Group; Salesforce Ventures; Sapphire Ventures; and Tiger Global Management.
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