Talent marketplace Gloat lays off 12% of team
Talent marketplace Gloat lays off 12% of team
The Israeli startup, which raised $90 million in a Series D in June 2022, will part ways with around 35 employees
Gloat, which has developed an AI-powered talent marketplace, is laying off around 35 employees, accounting for 12% of its total workforce. Gloat employs 300 people in Israel, the U.S., India and Singapore.
Gloat raised a $90 million Series D round in June 2022. The company didn’t reveal its valuation in the round, but it was estimated to be close to $1 billion. The round was led by Generation Investment Management, a financial services and investment management firm founded in 2004 by former U.S. Vice President Al Gore and Goldman Sachs' Asset Management head David Blood.
Gloat has developed a workforce agility platform that breaks down organizational silos, analyzes employees’ skills at scale, and provides insights for talent decision-making. The company’s platform helps businesses to develop and deploy their talent, while continuously understanding and adapting their workforce to changing needs. Gloat clients include some of the world’s leading global enterprises, including Unilever, Schneider Electric, Mastercard, Standard Chartered Bank, PepsiCo, Nestlé, Novartis, HSBC, Seagate, and many more
Gloat was founded in 2015 by Ben Reuveni, Amichai Schreiber, and Danny Shteinberg. The latest funding round, which included participation from Accel, Eight Roads Ventures, Intel Capital, and Lumir Ventures, brought its total funding to over $180 million.
"In light of the state of the market and the economy over the past year and after much thought, we are taking the responsible action out of commitment to our mission and our customers,” the company wrote in a statement. “Gloat is parting ways with a number of people in Israel and the world in order to adapt to the forecasts that exist today in the market and to ensure we continue to provide value to customers for many years to come. This is not a decision that was taken lightly, and we are all full of appreciation and gratitude for the professional and personal contribution of each and every one of these employees. We are committed to helping them going forward, and will continue to support the values of transparency, fairness, inclusion and respect towards all the company's employees."
