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.
One reply on “Coronavirus Impact: AngelList lays off staff, executives to get pay cuts”
Sorry to hear about your situation. Unfortunately, that’s how the modern job market works. Based on the current wave of layouts, it looks like the best strategy for an employee is to always stay warmed-up on their job search and have pending job offers from a few companies. In other words, employees should keep searching for new opportunities in advance, just like employers constantly look for new employees.
I’d suggest checking out Mirajobs.com, the Anonymous Job Search website that puts the job search process upside down. The idea is that job seekers publish their anonymous profiles and employers apply to them. You only reveal your identity to best proposals. This is a passive job tool and it’s safe, efficient and doesn’t take time.
Most importantly, this way you can always have “plan B” job opportunities. You can also switch your job if the offer is good enough, or use the job offer to ask for a pay bump at your current work. Or at least, you can use the opportunities that you worked out in advance, when there is a risk of being laid off (like now due to #COVID19). Also, Mirajobs.com is 100% free for job seekers, recruiters and employers, as it is a social project created to help others.