Meditation app Calm sacks one-fifth of staff | Meditation

The US-based meditation app Calm has laid off 20% of its workforce, turning into the most recent US tech startup to announce job cuts.

The agency’s boss, David Ko, mentioned the corporate, which has now axed about 90 individuals from its 400-person workers, was “not immune” to the financial local weather. “In constructing out our strategic and monetary plan, we revisited the funding thesis behind each challenge and it turned clear that we have to make adjustments,” he mentioned in a memo to workers.

“I can guarantee you that this was not a simple resolution, however it’s particularly tough for a corporation like ours whose mission is targeted on office psychological well being and wellness.”

The Calm app, based in 2012, affords guided meditation and bedtime tales for individuals of all ages. It obtained a surge of downloads triggered by the 2020 Covid lockdowns. By the tip of that 12 months, the software program firm mentioned the app had been downloaded greater than 100 million instances globally and had amassed over 4 million paying subscribers.

Buyers valued the agency, which mentioned it had been worthwhile since 2016, at $2bn.

Within the memo, Ko went on: “We didn’t come to this resolution frivolously, however are assured that these adjustments will assist us prioritize the long run, give attention to development and turn out to be a extra environment friendly group.”

Greater than 500 startups have laid off workers this 12 months, in response to layoffs.fyi, an internet site that tracks such bulletins.