Deeptech/Software & SaaS/News/ Tiger-backed startup Pitch lays off 30% of staff It is offering a seemingly generous layoff package to the 59 individuals being let go By Amy Lewin 14 September 2022 Pitch's team Pitch's team \Deeptech Atomico leads $11m Series A for Romanian pet tech Digitail By Zosia Wanat 12 January 2023 Deeptech/Software & SaaS/News/ Tiger-backed startup Pitch lays off 30% of staff It is offering a seemingly generous layoff package to the 59 individuals being let go By Amy Lewin 14 September 2022 Pitch, the Berlin-based startup creating alternatives to Google Slides and PowerPoint, has today announced it will be laying off 30% of its team. In a LinkedIn post, CEO and founder Christian Reber explained that 59 individuals would be let go today. To date, Pitch has raised $136m from well-known investors including Index, Lakestar and Tiger. Its last announced funding round was an $85m Series B in May 2021. Earlier this year, the startup announced that it would pause hiring in anticipation of market conditions declining. But, Reber says in a separate post on Notion, “the ongoing VC pullback” combined with “almost all technology companies globally… aggressively cutting costs” has further affected the business. Making these cuts now is part of a plan to extend the company’s runway until the end of 2026, he says. The layoff package Reber laid out the generous terms of the layoff package being offered on Notion. Pitch will pay laid-off employees’ salaries until the end of 2022; Laid-off employees’ shares will also continue to vest until the end of 2022 — and they will be able to keep them afterwards. It has also created a dedicated Pitch alumni list to help affected employees find new jobs. Pitch declined to comment. Amy Lewin is Sifted’s editor and cohost of The Sifted Podcast, and writes Up Round, a weekly newsletter on VC. She tweets from @amyrlewin This piece has been updated to reflect the publishing of Pitch’s alumni list. Related Articles Mapillary takes on Google Street View By Mimi Billing Click here to read more How to make B2B investors fall in love with you Sponsored by B2B Rocks Click here to read more Hopin almost triples valuation to $5.65bn just one year after launch By Amy Lewin Click here to read more Eastern Europe tech in review: the key moments of 2021 By Kit Gillet Click here to read more Most Read 1 \Startup Life Tech Nation shutting down as UK government controversially pulls key funding 2 \Healthtech Spotify founder Daniel Ek officially launches new startup — and this time, he’s taking on healthcare 3 \Fintech Monzo revenues surge more than twofold, putting it on track for 2023 profitability 4 \Consumer Glovo lays off 6% of staff following fresh fine from Spanish government 5 \Startup Life Meet the UiPath alumni starting their own companies
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