Finnish HRtech startup Workfellow has announced that effective immediately, the company is shuttering operations.
Workfellow was founded in 2019 and in late 2021, announced the raise of $3 million in an OpenOcean-led seed round. Additional investors backing the company included Icebreaker.vc and angel investors Kedar Dani, and Kelpreet Singh.
According to Workfellow CEO Kustaa Kivelä, FY 2023 posed a number of obstacles and setbacks for the company, difficulties that made weathering the storm impossible.
Kivelä further revealed:
“As our final discussions about finding a new home for our team and product went sideways earlier this week, we had to file for bankruptcy today.”
As per LinkedIn, Workfellow had 18 associated members, 11 of whom call Finland home.