Fintech unicorn Earnix lays off 10% of team
Fintech unicorn Earnix lays off 10% of team
The veteran Israeli startup will part ways with around 30 employees
Israeli fintech unicorn Earnix is laying off around 30 employees, accounting for 10% of its workforce.
Earnix was founded in 2001 and provides mission-critical composable and cloud-based intelligent solutions across pricing, rating, underwriting, product personalization, and telematics. It has customers in 35 countries and offices in the U.S., Europe, and Israel. Its shareholders include JVP, Insight Partners, IGP, and Vintage Investment Partners.
Earnix reached unicorn status when it raised $75 million at a pre-money valuation of $1 billion in February 2021. The round was led by Insight Partners, with existing investors JVP, Vintage Partners and Israel Growth Partners joining the round.
The company expanded its team significantly following the new funding, but has now decided to cut back due to macroeconomic trends that are also affecting the U.S. insurance market.
Earnix appointed Robin Gilthorpe as its new CEO earlier this year. Gilthorpe took over from Udi Ziv, who served as CEO for six years. Ziv joined the company as CEO in 2017 and led it to unicorn status while forging a strategic partnership with Guidewire and engagements with USAA, MAPFRE, IAG, Liberty Mutual, US Bank, Lloyd’s Banking Group, and others.
