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Hinge Well being, a nine-year-old firm that gives a digital resolution to deal with persistent musculoskeletal (MSK) situations, minimize roughly 10% of its workforce on Thursday, TechCrunch has completely realized.
The corporate mentioned individuals who had been laid off labored throughout numerous features; in keeping with workers posting on LinkedIn, some had been engineers. Earlier than the layoffs, Hinge had greater than 1,700 workers, in keeping with a LinkedIn estimate.
“As we proceed to reimagine musculoskeletal care, we’re additionally dedicated to constructing a long-term sustainable enterprise,” an organization spokesperson mentioned in an announcement. “To speed up our path to profitability, velocity up determination making, and higher focus our investments, we’ve got made the choice to realign our group. We’re extremely grateful for all our departing staff members’ contributions and are centered on supporting them via this transition.”
The layoffs come as the corporate prepares for an IPO and goals to succeed in profitability.
The corporate didn’t touch upon the timing for its IPO, however Hinge has mentioned beforehand that it’s not below stress to hit the general public markets this 12 months because it nonetheless has $400 million of money on its steadiness sheet.
Hinge was final valued at $6.2 billion in October 2021 when it raised a $400 Collection E from Tiger International and Coatue Administration. The corporate has raised a complete of $828 million, in keeping with PitchBook knowledge.
The corporate’s foremost competitor is Basic Catalyst and Khosla Ventures-backed Sword Well being, which was final valued at $2 billion in November 2021.
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