According to a report filed by French daily financial publication Les Echos, Parisian SME-focused payroll and HR management solution PayFit is in the process of reducing its workforce by 20%, affecting some 200 individuals.
As a reminder, not just 14 months prior, the company had raised €254 million in a Series E funding round at a valuation of €1.82 billion.
At the time of the announcement, Payfit stated that the Series E round was aimed at fueling an ongoing recruitment drive in addition to standard fare such as continued product development and the acquisition of new clients.
The company is backed by a host of VC firms including Accel, Bpifrance, Eurazeo, General Atlantic, Frst, Otium Capital, and Kima Ventures as well as The Family (where ever they fall into the classification), and individuals including French billionaire and prolific French all-things-tech hub Station F, Xavier Niel.
Lead image: hannah cauhepe