Minneapolis, Minn.-based fintech startup Kaleidoscope laid off 30% of its workforce, equating to 15 employees. Jody Johnson stepped into the CEO role vacated by founder Greg Dehn.
Johnson said it "recently reduced its headcount to bring expenses in line with its revenues to ensure that the company is in a terrific position moving forward."
The news comes as the company plans for its next phase of growth as it expects to double revenue in 2023.
- The startup's total workforce strength prior to the layoffs was 50 employees.
- Kaleidoscope provides scholarship and grant management software for universities.
- In Apr. 2022, the firm secured $10M in Series A funding led by 3x5 Partners and Rally Ventures.
- To date, the firm has raised $16M in total funding.
