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VehoAs a package delivery service, confirmed that they had laid off about 65 jobs, or 19% of their employee headcount. As The Information first reported the storyThese layoffs followed Veho’s revenue growth of nearly 90% in 2023.
“We conducted a reorganization of our corporate team to improve efficiencies, accelerate our path to profitability and be able to invest more in areas that directly impact our clients’ needs and our growth,” according to a company statement sent to TechCrunch.
The logistic technology company, founded in 2016 by Itamar Zur and Fred Cook, is going after the last-mile section of delivery — how packages get from fulfillment centers to the customer’s door.
Veho did not have a bad start to 2022. The company had grown its revenue by 40% and increased its customer base 20% over the past year. The company also planned to increase its workforce from 500 to 2,000 employees by the end 2022.
The company was also fortunate in terms of venture capital as the shopping shift to online. The company raised funds at that time. Series B funding totals $170 Million in a round, led by Tiger Global Management, that bumped up the company’s valuation to $1.5 billion.
After announcing Series A funding of up to $125 MillionTwo months before, Veho won the round which pushed them into unicorn territory. General Catalyst was the leader in that round.
Veho expanded its markets after receiving over $300 Million in venture-backed funding. The company has hired a number executivesEric Swanson, Chief Commercial Officer and Brian McDevitt, Chief Revenue Officer will be in place by the end of 2022.
In the summer 2023, the company entered into New England MarketsCustomers included Kroger, Saks Nordstrom, Misfits Market HelloFresh, and Nespresso. Veho reported that it had 910 employees in its corporate and warehouse teams at the time and was looking for additional positions.
Even with the continued growth, the company wasn’t without problems last year, according to The Information. The Information reported that the company had to lay off its customer service and driver support staff, and move their jobs overseas.
Swanson left in March according to his account. LinkedIn profile. In December Veho names Deborah Surrette, who was formerly the vice president of sales for Oracle, into this role. McDevitt’s social media profiles still say he is CRO, however, The Information reported he left as well.
Increased freight ratesYou can also find out more about the following: The following are some ways to consolidate your finances: continue to affect the logistics industry, so we’ll have to see what happens. Veho remains optimistic, telling TechCrunch that its capital position “is very strong and we are building on our strong momentum and record peak season in 2023.”