Software development startup Incredibuild laying off 20% of workforce
Software development startup Incredibuild laying off 20% of workforce
The Israeli company, which raised $35 million in Series B funding in June 2022, is cutting around 40 jobs
Incredibuild, which creates hybrid development acceleration platforms for developers and DevOps teams, is laying off 20% of its workforce, Calcalist has learned. Around 40 employees are set to be let go from the current team, which numbers around 215 people, including 150 in Israel.
Some 75% of those being laid off are based in the company’s headquarters in Israel.
Incredibuild raised $35 million in Series B funding in June 2022, taking its total funding to $55 million. Hiro Capital, the entrepreneur-founded VC focused on video games, creator platforms, and metaverse technologies, led the round with participation from existing investor Insight Partners. Insight Partners acquired a stake in Incredibuild for $140 million in 2021 in a round with several components, joining Fortissimo Capital, which invested in the company in 2018.
The company stated that "Incredibuild is a global company that operates with responsibility and discretion in accordance with market conditions and the global macroeconomic situation. The software industry experienced a dramatic decline during 2023 that affected us as well. Accordingly, and despite ongoing efforts to avoid this as much as possible, the company is entering into an efficiency process, which includes, among other things, a reduction in the global workforce. The purpose of the streamlining is to ensure continued long-term business growth while providing the best response to our customers and realizing the company's strategy for 2024, which includes technological innovations that will dramatically improve the speed of our customers' software development process and its performance, alongside entering new markets and building new opportunities. Incredibuild will accompany the laid-off employees and provide them with occupational guidance in their new path."
Incredibuild’s technology accelerates software builds, boosting development and testing cycles for industries across the board – including video games, automotive, financial services, software services, interactive entertainment, and embedded technologies.
As of last year, Incredibuild boasts over a quarter of a million users from 2,500 global organizations, including many Fortune 100 companies.
