SaaS management platform Torii laying off 30% of team
SaaS management platform Torii laying off 30% of team
The Israeli startup, which raised a $50 million Series B led by Tiger Global last February, is parting ways with 28 employees
Israeli startup Torii, which develops an automated SaaS management platform (SMP), is laying off 28 employees, which accounts for around 30% of its total team of 95. According to estimates, eight of the employees are headquartered in Israel and the rest are based in the U.S.
Torii raised $50 million in Series B financing led by Tiger Global Management in February 2022, which brought its total funding to $65 million. Previous investors, including Wing Venture Capital, Global Founders Capital, Uncork Capital, Entrée Capital, and Scopus Ventures also participated in the round.
The company, founded in 2017 by Tal Bereznitskey, Uri Haramati, and Uri Nativ, has developed a SaaS management platform that automates the discovery, spend optimization, operations, and compliance of SaaS to help organizations reduce spend, free IT time from manual tasks, and manage SaaS sprawl.
"In the past few quarters macroeconomic uncertainty has altered the outlook for many businesses, including some of our customers," Torii wrote in a statement. "We entered this year with an expectation for how our business would fare in this climate, and in the first half of 2023, we didn’t meet our target. It became clear that while our business is strong and growing, our full-year revenue would be lower than what we had expected. Due to the ongoing financial uncertainty, we have decided to carry out a strategic organizational change in order to bring Torii to profitability. As part of this move, we are taking a number of significant steps to cut the company's expenditure and also separating from excellent and devoted employees worldwide. This is also the result of taking a hard look at our strategic priorities for this fiscal year as well as our organizational structure as we invest in the continued growth of Torii and pursue agility and flexibility."
