Unicorn Trax embarks on another round of layoffs, parting with 8% of workforce
The Israeli company will be laying off another 70-80 employees after parting with over 100 workers in June
Retail analytics company Trax is laying off another 70-80 employees. Calcalist has learned that the Israeli unicorn will part ways with around 8% of its team, which previously numbered around 900 employees, as well as 100 external workers.
This is the fourth round of layoffs at the company, with the last of which including over 100 employees in June of this year.
The layoffs come as part of the company’s preparations for 2023, in which it plans to reach profitability. Trax looked into going public in the past, but the downturn in the markets changed its plans completely.
Trax secured $640 million in a Series E financing round at a valuation of $2.25 billion in April 2021, led by SoftBank Vision Fund 2 and technology-focused funds managed by BlackRock.
Founded in 2010 by former CEO and current Executive Chairman Joel Bar-El together with CCO Dror Feldheim, Trax is active in more than 90 countries with its main offices located in Israel, the U.S., and Singapore. In the past year, the company has launched a suite of autonomous shelf monitoring solutions and an AI-driven, enterprise-level dynamic merchandising service to help brands and retailers keep products on shelves with the assistance of Trax Flexforce, an on-demand crowd marketplace.