Clearco is set to lay off 125 employees, which amounts to approximately one-quarter of its team.
Co-founders Michele Romanow and Andrew D’Souza told Clearco employees about the cuts in an email on Friday morning. The email, shared with BetaKit, stated, “Today we have made the hard decision to reduce our workforce by 125 people and are considering strategic options for our international operations.”
The email added that “invites will go out shortly to those who are part of this reduction in force followed by meetings with team leads.”
Prior to the company-wide layoffs, Clearco claimed to have employed 500 individuals globally.
Romanow and D’Souza cited the current macroeconomic environment as the reason for the layoffs, and called the move necessary in order to ensure Clearco is “able to support as many founders as possible,” and “to come out of this economic…