10:27:48 PM PDT - Saturday, August 13th, 2022

On Deck lays off a third of staff after cutting a quarter just months prior  

By Editor - Thu Aug 04, 5:24 pm

On Deck , a tech company that connects founders to each other, capital and advice, has conducted another round of layoffs just three months after laying off a quarter of its staff. Sources say that more than 100 people were impacted by the workforce reduction, accounting for half of the entire staff, while the company — which confirmed the layoff to TechCrunch over e-mail — said that 73 full-time employees were laid off. When asked about the discrepancy in figures, and whether more people were impacted under a different employment status such as contractors, an On Deck spokesperson said that they have no further comments. The company is providing all those leaving the company with eight weeks of severance, three months of accelerated option vesting and three months of healthcare coverage. Those interested in hiring laid off talent can request access to a list of people looking for new roles. On Deck, not to be confused with small business lender OnDeck, is a company that provides capital and network support for emerging fund managers and founders. Launched in June 2019, the company first announced a Founders Fellowship and has recently grown to offer more niche programs on specific verticals. It’s that broad focus that led to a need to scale back, based on co-founders David Booth and Erik Torenberg’s characterization of the company

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On Deck lays off a third of staff after cutting a quarter just months prior

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