Video advertising company Innovid lays off 10% of workforce
Video advertising company Innovid lays off 10% of workforce
The Israeli-founded company completed a SPAC merger at a $1.2 billion valuation in December 2021, but currently has a market cap of $310 million
Israeli-founded video advertising company Innovid is laying off 40 employees, accounting for 10% of its workforce. According to the company’s latest quarterly report, it employed around 400 people, recruiting over 100 in 2021 alone.
Innovid completed a SPAC merger with ION Acquisition Corp. 2 Ltd at a $1.2 billion valuation in December 2021, with the company receiving $251 million. Innovid began Tuesday’s trading with a market cap of $310 million.
Just two months after going public on Wall Street, Innovid started to put its newly-injected cash to use by acquiring British competitor TVSquared for $160 million - $100 million in cash and the remainder in Innovid shares.
Innovid was founded in 2007 by Zvika Netter (CEO), Tal Chalozin (CTO), and Zack Zigdon (MD International). Innovid partners with brands and ad agencies to deliver videos to connected TVs, mobile devices, and social platforms. The company lists Fox, Samsung, and Hulu among its customers. Innovid has offices in Israel, India, Los Angeles, San Francisco, Chicago, Detroit, London, and Sydney.
