Unicorn Lusha lets go of 10% of employees
The Israeli company will be parting ways with 30 employees eight months after raising $205 million at a $1.5 billion valuation
Israeli unicorn Lusha is laying off 30 employees, 10% of its total workforce, across all departments. Lusha raised $205 million at a $1.5 billion valuation eight months ago, with a significant part of the round going towards secondary deals. The Series B last November came on the back of a $40 million Series A in February which followed five years of being bootstrapped.
Lusha was founded in 2016 by Assaf Eisenstein and Yoni Tserruya. In May of this year, Plus Ventures, headed by veteran entrepreneur Yossi Moldawsky, and private investor Oren Abekasis, filed a lawsuit with the Tel Aviv District Court claiming that they invested in the previous reincarnation of Lusha, when the company was named Neta Eisenstein Management (2008) and that the founders of Lusha stole the company from its investors.
Lusha’s cloud-based platform facilitates salespeople sharing contact information and company insights, which validates Lusha’s data and ensures high accuracy. The company's community approach also ensures that salespeople from organizations of all sizes have access to the data they need to optimize their sales outreach.
“Lusha has grown rapidly in revenue and manpower over the past year. Nevertheless, due to the situation in the markets and the economic slowdown, we have made a difficult decision to take responsible steps that will ensure the continued success of Lusha over time and provide control over cash flow,” the company said.
“As part of the reorganization for the new situation, we will focus the company on the data sector and other strategic projects, while stopping over projects and becoming more efficient in our marketing and sales expenses in order to continue and grow. As a result, we are sadly forced to part ways with talented employees who we’ll provide with an expanded departure package and support in finding a new job in order to ensure a soft as possible landing.”