Israeli startup Bizzabo announced another round of layoffs last night – its second round of layoffs in 2022. The company, which develops tech platforms for physical, virtual and hybrid events and conferences says that it is laying off 100 employees, 40% of its workforce.
Last July, Bizzabo fired 120 employees, of whom 35 were in Israel and this time the dismissals will also probably include layoffs in Israel although the company didn’t specify.
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The company said, “Due to the ongoing financial uncertainty, we have decided to carry out a strategic organizational change in order to bring Bizzabo to profitability. As part of this move, we are taking a number of significant steps to cut the company’s expenditure and also saying goodbye to excellent and devoted employees worldwide. We are committed to standing by their side and assisting them in the process of finding a job.”
Bizzabo was chosen as “Globes” most promising startup in 2020. The company took advantage of the Covid crisis and developed a platform for virtual conferences, which was later adapted to hybrid events and conferences, which combine physical and virtual components.
The company was founded in 2012 by Eran Ben-Shushan, Alon Alroy, and Boaz Katz who met in the Interdisciplinary Center (IDC) Herzliya’s Zell Entrepreneurship Program. Bizzabo has offices in Tel Aviv and New York and at one time had more than 290 employees. In December 2020, Insight Partners led Bizzabo’s $138 million financing round, of which more than half was for the purchase of stakes from existing shareholders, while the remainder was investment capital for the company.
Published by Globes, Israel business news – en.globes.co.il – on December 2, 2022.
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