Beamery cut about 12% of staff a month after announcing a $50M raise at a $1B+ valuation

London-based AI-powered talent lifecycle management platform covering sourcing, retention and workforce planning

Cutting about 12% of staff on top of earlier cost measures prepares Beamery for a sustainable future

$50 million at a $1 billion-plus valuation announced in December 2022, after a $138M Series C in June 2021

Beamery sells an AI-powered talent lifecycle platform. It says Fortune 500 clients, including the BBC, Uber, General Motors, Accenture and Johnson & Johnson, drove a revenue rise of over 250% since its $138M Series C. Backers include Index Ventures, M12, EQT Ventures, Workday Ventures, LocalGlobe and Edenred Capital.

In December 2022 Beamery announced $50M at a valuation above $1 billion. On Tuesday 2023-01-10 it told employees on an all-hands call and by email that it would lay off around 12% of staff, more than a tenth. The email cited inflation and energy crises, high interest rates and sparser startup funding, and said it had already cut costs elsewhere, including executive bonuses, with the layoffs needed for a sustainable future. By LinkedIn, Beamery employed close to 450 people, mostly in the UK and US, implying more than 50 jobs.

Inflation and the energy crisis raised costs across the business

High interest rates and sparser startup funding reduced access to capital

Executive bonus cuts and other measures were not enough, so headcount had to fall

Preparing for a sustainable future meant a lower cost base even after the unicorn raise

A new unicorn valuation does not protect headcount when funding conditions tighten; the company cut costs elsewhere first and then headcount, but the departing staff terms were unclear.

As of 2023-01-11, Beamery was cutting about 12% of its roughly 450 staff, with severance terms unclear and no outside confirmation of final numbers.