Namogoo lays off 15% of workforce
The Israeli startup, which raised $15 million six months ago to take its total funding to $81 million, is parting ways with 25 employees
Israeli startup Namogoo, which has developed a digital journey continuity platform, has laid off 25 employees, making up 15% of the company’s workforce, Calcalist has learned. Most of the employees leaving the company are based in Israel. Namogoo’s team will total around 140 people following the layoffs, mostly in Israel, and the rest in London, Boston, and New York.
“We are refocusing our product and marketing efforts and will return to focus on big and medium-sized companies rather than small companies that require a lot of marketing expenses,” Chemi Katz, CEO and co-founder of Namogoo, told Calcalist. “We want to reach profitability by the middle of next year and we will change our expense structure.”
Namogoo has raised $81 million to date, including $15 million in its latest round six months ago. Investors in the company include Connecticut-based venture firm Oak HC/FT Partners LLC, Blumberg Capital, GreatPoint Ventures, and Hanaco Ventures.
Namogoo, founded in 2014 by Katz and CTO Ohad Greenshpan, helps websites prevent their potential paying customers from getting distracted by third-party offers, coupons, or discounts that might tempt them into leaving the current website and migrating somewhere else.
“We are continuing to grow nicely every year and we are in a good position with revenue in the tens of millions of dollars,” added Katz.