Carbon Health lays off 8% of employees

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In addition to the many unicorn layoffs we’ve seen lately, now carbon healthmedical company offering virtual care that said in a letter On Thursday, the company laid off 250 people, or 8% of its workforce.

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CEO Eren Bali also tweeted the news, noting that “We have hired some of the most talented and driven people on Earth. Any company would be happy to have them. Please contact us at [email protected] if you are looking for an employee and we will get back to you.

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Bali started Carbon Health six years ago after leading educational marketplace Udemy. In subsequent years, Carbon Health continued raise over $500 million in venture capital investmentaccording to Crunchbase.

The most recent was $350 million Series D in July 2021, led by the Blackstone Group, which reportedly valued the company at $3.3 billion. We covered it $100 million Series C round in November 2020.

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In his letter to employees, Bali outlined two reasons for the decision to lay off employees, despite their constant and rapid growth over the years. The first was the winding down of some lines of business related to COVID. In 2020, Carbon Health developed both pop-up clinics as well as home testing kits.

According to the growth figures reported in last year’s capital raise, Carbon Health’s patient population increased by 129% between the increase in Series D and Series C in November 2020.

Since the global pandemic began in early 2020, the company has kept up with the pace, doubling its workforce to 1,600, opening more than 80 clinics in 12 states, and expanding virtual clinics to 23 states. One of the Series D goals was to increase the number of clinics to 1,500 by 2025.

Another reason Bali cited the staff layoff decision was a shift in focus to profitability, writing, “We were more focused on revenue growth, patient acquisition, patient retention and service expansion, and we were less focused on profitability.” . While it was the right decision in 2020 and 2021, a macro environment with more volatile capital markets means it’s vital that we focus less on growth and more on profitability.”

Affected employees were informed in one-on-one conversations, offered layoff packages that included extended health coverage, eliminated capital cuts for options, and outplacement support.

As noted, Carbon Health joins the list of unicorns that have had to cut their workforce, some as a result of growth during the global pandemic, including Loom, jump in as well as pixar. Health technology companies laid off this year include Halycon Health, Mfine, Kry, Thirty Madison, divvyDOSE, Noom, Ahead and Truepill. Layoffs.fyiwhich maintains a database of layoffs.




Credit: techcrunch.com /

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