StreamElements sacks 20% of team for the second time in seven months
The company, which raised $100 million in funding led by SoftBank Vision Fund 2 in September 2021, also laid off 20% of its workforce last June
StreamElements is laying off 40 employees, accounting for 20% of the company’s workforce. This is the second round of layoffs at the company, which parted with around 20% of its team last June.
“Alongside the growth experienced by the company over the past year, the continued slowdown in the advertising market and among content creators hasn’t passed us over,” StreamElements said in a statement. “We predict an additional drop in our growth this year and therefore we are restructuring with the goal of continuing to grow while building a route to profitability. Unfortunately, this plan also includes the layoff of employees, who made a big contribution to the company which we appreciate.”
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StreamElements was founded in 2017 by Or Perry, Doron Nir, Gil Hirsch, and Reem Sherman. The company has a platform-agnostic approach and provides production tools and services, such as overlays, alerts, chatbots, merchandise stores, and tipping. StreamElements raised $100 million in funding led by SoftBank Vision Fund 2 in September 2021. The round also included participation from PayPal Ventures, MoreTech, and existing investors State of Mind Ventures, Pitango First, Menorah, and Mivtach Shamir, among others.
