Coronavirus Impact: AngelList lays off staff, executives to get pay cuts

AngelList, a platform to connect investors to startups, has recently laid off a number of staff and cut executive salaries across all departments, according to a TechCrunch report. The company reportedly has more than $1bn assets under management.

The company has yet not made any comments on the number of staff being laid off but has confirmed the development.

The company laid off employees last week, majorly from its talent arm, which helps job seekers with startups looking to hire. Sources mentioned in the report said that the layoffs came as a response to hiring freezes from tech startups waiting out the economic downturn.

A spokesperson from the company provided the following statement, “As the media has covered recently, startup fundings and recruiting have recently been impacted by the current crisis. We don’t know how long the economic impacts will last, so we scaled back our costs to match. Unfortunately, that adjustment included layoffs. This was a difficult decision, but it sets up AngelList to continue our mission of helping startups succeed.”

The company was founded in 2010 by Naval Ravikant and Babak Nivi. According to Crunchbase, the company has so far raised $2.6mn in venture capital. The company is composed of three different branches: one for angel investors, one for products waiting to be funded and one for job-seekers looking for their next gig at a startup.

AngelList’s talent function hosts more than 100,000 companies like Affirm, Twitch and Stripe that want to hire new talent. While the layoffs largely impact that team, sources say that the talent network will continue to exist, just with a slimmer staff.

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