July 13, 2022 | By Bronwen Largier
International digital events platform Hopin, whose investors include Slack and Salesforce, has just laid off almost 30 per cent of its staff, after cutting 12 per cent of its workforce earlier in the year.
According to TechCrunch, Hopin has cut 380 staff in 2022, in addition to implementing a hiring freeze.
The start-up which launched in 2019, was valued at $7.75 billion in August 2021, having raised around billion dollars (US) – according to various sources – in funding since it debuted.
Used by companies including Adobe and Dell, the virtual events platform was founded by Australian-born Johnny Boufarhat while he was living in London and has a fully remote workforce which at one stage numbered over 1,000 employees. Currently the company is advertising just 10 open positions.
According to an email statement sent to TechCrunch, Hopin blamed the “current macroeconomic climate” for shedding a significant amount of its workforce and said it needed to simplify its event business to create a “profitable and sustainable company”.
Although hybrid events, which require an online platform, seem to be here to stay, Hopin is not the only business catering to digital events that has encountered hiccups as pandemic restrictions have eased. Video conferencing platform Zoom has fallen from highs of more than US$550 a share in October 2020 to just over US$100 per share now.