DataRails lays off 18% of team
DataRails lays off 18% of team
The financial planning and analysis platform is parting with 30 employees
DataRails, which develops a financial planning and analysis (FP&A) platform for Excel users, is laying off 18% of its workforce. The company told its employees on Monday that it will be parting with 30 of them, including eight in Israel. Most of those being laid off are sales and technical support staff based in the U.S.
Prior to the layoffs, DataRails employed a total of 170 people, including 100 in Israel.
“We just concluded our strongest month of sales and we are still recruiting employees in Israel for product and tech development positions. Nevertheless, we are unfortunately forced to part with 30 employees,” the company said in a statement. “Over the past year we have seen our revenue grow by hundreds of percent and we recruited employees accordingly. We were active in a market that glorified growth but over recent months the rules of the game have changed. Our goal now is to reach profitability and in order to do so we have cut our marketing budget and parted with employees.”
DataRails announced in March that it had raised $50 million in Series B funding. The company’s third investment round in 12 months was led by Qumra Capital and also included new investors La Maison Partners and ClalTech, as well as existing investors Zeev Ventures, Vertex Ventures Israel, Innovation Endeavors, Vintage Investment Partners, Oryzn Capital and Icon Venture.
DataRails, which has raised $105 million to date, was founded in 2015 by Didi Gurfinkel (CEO), Eyal Cohen (COO), and Oded Har-Tal (CTO).
