Event Tech Startup Hubilo Laid Off 12% Workforce As Physical Events Resume
- ByStartupStory | July 13, 2022
According to reports, Bengaluru and San Francisco-based event tech firm Hubilo laid off around 12% of its workers across departments last week. A Hubilo source stated that the layoffs were part of the company’s strategy to boost business.
“On July 7th, Hubilo let off about 12% of its staff to follow a strategy that will allow it to create the foundation for the future of virtual, live, & hybrid events.” “We value all of our team members’ efforts,” added the spokeswoman. According to the business, laid-off employees would get compensation packages and perks such as accelerated & vested stock options, mid-year bonuses, PTO/bank of leaves payout, laptop retention, and job placement aid.
Hubilo, officially launched in 2015 by Vaibhav Jain, Mayank Agarwal, along with John Peter, began as a virtual networking platform for conference attendees. However, because internet penetration was limited in the country at the time, people preferred physical events. As a result, the firm began developing tools for executing and managing medium to large-scale events for enterprises. However, with the outbreak of the Covid-19 pandemic, it re-entered the virtual events world.
Hubilo has received about $150 million in multiple rounds to date, with investors comprising Lightspeed Venture Partners, and Balderton Capital, among others. Hubilo is also present in the United States, the United Kingdom, Europe, the Middle East, and Africa (EMEA), as well as Asia Pacific (APAC).
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