London HRtech startup Beamery to cut 25 percent of workforce amid restructuring

Tech.eu has learned that London-based HRtech startup Beamery plans to cut 25 percent of its workforce as part of a cost reduction strategy.
London HRtech startup Beamery to cut 25 percent of workforce amid restructuring

London-based hrtech startup Beamery is to shed 25 percent of its workforce Tech.eu has learned. The move is part of an organisational restructuring that aims to reduce the company’s total costs by 35 percent.

According to LinkedIn, 421 individuals list Beamery as their workplace, meaning 105 talents will soon be available for hire.

Déjà vu

Ironically, this isn’t the first time the company that bills itself as a “talent acquisition, engagement, and retention platform that manages sourcing, hiring, and retaining of people” has been forced to make cuts.

In January of this year, Beamery let 12 percent of its staff go. Just one month prior, the company had announced a $50 million Series D funding round at a valuation north of $1 billion.

At the time Beamery cited inflation and energy crises, high interest rates, and "sparser startup funding" as the main drivers behind its decision.

When asked for comment on this most recent round of layoffs a Beamery spokesperson responded:

“We have made some challenging decisions for the long term success of Beamery and are taking proactive steps to ensure a near term path to profitability. We are committed to providing full support to all impacted employees during this transition and ensuring that they are treated with care and respect.”

Recent appointments

Notably, Beamery just welcomed customer experience management platform Medallia executive Steve Vierra to the position of Chief Revenue Officer to “oversee the company’s commercial functions”.

In October, the company appointed former Apple and Accenture executive Dr. Christie Smith to its advisory board. On the appointment, Beamery CEO and co-founder Abakar Saidov commented, “Her deep understanding of the challenges faced by the largest employers and her workforce transformation expertise are deeply aligned with our efforts to help businesses make smarter decisions around their talent and drive skills-based transformation.”

Earlier this month, Beamery announced the appointment of former BT CEO and Salesforce Chief Revenue Officer Gavin Patterson as its Lead Independent Director. According to Beamery, the move was aimed at “further strengthening Beamery’s position as a pioneer in AI-driven talent management, and working to ensure equal access to work and skills for all.”

Backers

Beamery has raised $223 million over six funding rounds and is backed by 14 investors including Index Ventures, LocalGlobe, Microsoft’s venture fund M12, EQT Ventures, Ontario Teachers’ Pension Plan, Workday Ventures, and Accenture Ventures.

Update (14:07 CET, November 15, 2023): This article has been updated to include commentary from Beamery.

Lead image: Photo by Jornada Produtora

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