Mobile events and conferences company DoubleDutch announced today that it will be laying off 55 of its employees as a part of a company-wide restructuring.
The company, founded in 2011, has raised over $78 million in funding to power its mobile tools which allow event organizers to create dedicated app experiences that give them the ability to easily share information with attendees while tracking engagement. If you’ve gone to a conference or music festival in the past year with a custom app, you’ve likely engaged with a product from DoubleDutch.
Today’s layoffs represent the departure of approximately 25% of the SF-based startup’s global workforce.
A statement from the company details that the move was part of a “decision to break hard for profitability and move up-market as we build out out enterprise platform.”
This move is a far cry from the language emerging from executives less than a year ago that stressed the company’s speedy growth as an indicator of overall health.
“We are growing well north of 100 percent year over year, and see no signs of things slowing down,” said Pankaj Prasad, DoubleDutch’s Co-Founder and Global Head of Sales in a press release accompanying last August’s $45 million Series E raise.
More of DoubleDutch’s statement on today’s layoffs is included below:
Although this is the right thing to do for the business, it doesn’t make our decision any easier. Today is a very tough day for DoubleDutch as our action involves many people who have been part of the DoubleDutch family and contributed tremendously to our success to date. We want to thank them for all they’ve done for the company. We can vouch for all of them and we’re working hard to help them find their next opportunities within our personal, alumni and investor networks.