Meditation app Calm lays off 20% of workforce

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Calm, the corporate behind the meditation, stress and sleep app, has laid off 20% of its employees, based on a memo despatched to staff on Thursday. 

The Wall Road Journal reported that about 90 staff misplaced their jobs, and that Calm employed about 400 folks. The memo from CEO David Ko stated the corporate is “not proof against the impacts of the present financial setting.” 

“We didn’t come to this resolution frivolously, however are assured that these adjustments will assist us prioritize the longer term, concentrate on development and develop into a extra environment friendly group,” Ko wrote within the memo.

THE LARGER TREND

Ko was beforehand CEO of Ripple Well being Group, an organization that made apps for care coordination and situation administration. It was acquired by Calm earlier this yr, and Ko was named co-CEO, alongside Michael Acton Smith. Ko took on the complete CEO function earlier this summer time. 

Calm introduced it had scored $75 million in Collection C funding in December 2020, boosting the corporate’s valuation to $2 billion. It had beforehand raised a complete of $115 million in Collection B investments in 2019.

Quite a lot of digital well being firms have laid off staff in latest months. TechCrunch just lately reported that digital pharmacy Truepill had laid off one other 175 staff, its third spherical of cuts up to now this yr. 

Late final month, digital care firm Included Well being and digital therapeutics maker Pear Therapeutics made cuts. Included Well being stated it had diminished its workforce by lower than 6%, whereas Pear laid off round 25 staff, about 9% of its full-time employees.

Healthcare automation firm Olive additionally let go of about 450 staff in July and pivoted towards a brand new technique aimed toward extra shortly reaching profitability. 

Different digital well being firms pursuing layoffs this yr embrace cost firm Cedar, digital pharmacy Capsule, wearable fitness-focused WHOOP, digital care firm Ro, at-home diagnostics firm Cue Well being and hybrid care supplier Carbon Well being



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