French retail marketplace startup Ankorstore is reorganizing its workforce and could reportedly lay off around half of its workforce, sources close to the matter informed Business Insider.
In Feb. 2022, co-founder Nicolas Cohen said the company had to move "very fast" to gain a first-mover advantage (FMA). Ankorstore's layoffs seem to stem from its need to reduce the burn rate amidst the global slowdown as tech companies prioritize profitability over growth.
- Ankorstore was last valued at $2B and has raised $387M (€365M) in total funding from VCs.
- Notable backers of the firm include Tiger Global, Coatue, and Index Ventures.
- LinkedIn
estimates that Ankorstore currently has nearly 600 employees, up from
its previously disclosed figure of 400 from Feb. 2022.
- The firm announced its first round of layoffs last October when it let go 20% of its workforce.
- Layoffs.fyi data shows that 450 tech companies have collectively laid off 120,000 staff members so far in 2023.
- Ankorstore's rival, Faire, reduced its workforce strength by 7% in Nov. 2022.
