Pitch, the Berlin-based startup creating alternatives to Google Slides and PowerPoint, today announced that it will be laying off 30% of its team.
In a LinkedIn post, CEO and founder Christian Reber explained that 59 people would be laid off today.
To date, Pitch has raised $136 million from well-known investors including Index, Lakestar, and Tiger. Its last announced funding round was an $85 million Series B in May 2021.
Earlier this year, the startup announced that it would halt hiring in anticipation of falling market conditions.
But, Reber says in a separate post on Notion, “VC’s ongoing pullback” combined with “almost every tech company globally…cutting costs aggressively” has hit the business even harder. Making these cuts now is part of a plan to extend the company’s runway through the end of 2026, he says.
the redundancy package
Reber outlined the generous terms of the severance package offered at Notion.
- Pitch will pay the salaries of laid-off employees through the end of 2022;
- Laid-off employees’ shares will also continue to vest until the end of 2022, and they’ll be able to keep them thereafter.
It has also created a dedicated Pitch alumni list to help affected employees find new jobs.
Pitch declined to comment.
Amy Lewin is the editor of Sifted and co-host of The Sifted Podcastand writes round up, a weekly newsletter about VC. She tweets from @amyrlewin
This article has been updated to reflect the release of the Pitch alumni list.