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With VC funding disappearing amid a recession, technological innovations have laid off more than 20,000 workers worldwide since April, with more than 8,000 workers losing their jobs at the start of the Indian-led edtech platform.
According to the Layoffs Aggregator, at least 20,514 people have lost their jobs at the beginning of technology worldwide since April worldwide and the US is leading the race. The figure has doubled in the past two weeks, indicating that the labor market has deteriorated further, reports Nikkei Asia.
Ironically, this figure does not exclude contract employees from job losses during the financial winter starting period. Unemployment has reached two years of age between the first ecosystem that ever unleashed unicorns after unicorns.
More than 15,000 technology workers lost their jobs in May alone, as major global economic events hit companies, especially startups. According to layoff aggregator layoffs.fyi, more than 15,000 tech workers lost their jobs this month, reports TechCrunch.
Since March 2020 when the Covid-19 epidemic broke out, more than 1.3 lakh workers have been laid off by about 718 start-ups worldwide. Technology companies face many challenges such as inflation, high interest rates, the economic downturn and the Russia-Ukraine war.
The situation will only get worse as the economy and economy fail. Several large investment firms such as Sequoia Capital, Lightspeed Venture Partners, Craft Ventures, Y Combinator etc. have sent memoranda and footnotes to their portfolio companies as well as tips on how to cope with the ongoing crisis.
VC firms advises monitors to focus on sustainable growth, reduce inflation, reduce costs and understand that economic recovery may be 18-24 months in advance. As money became scarce, Sequoia Capital told its founding community to tighten its belt and focus on profits.
Recognizing that ‘financing winter’ has begun to enter after a strong two-year cycle of the epidemic that allowed internet-driven startups to grow exponentially across the industry, major investment firms are now investing in Blockchain / Web3.0 and game-based startups.
Binance Labs, the capital and leading cryptocurrency cryptocurrency arm of Binance, has announced the closure of a $ 500 million investment fund to upgrade Blockchain, Web3.0 and value-building technology. The new fund will invest in projects that can expand the use of cryptocurrencies and promote the adoption of Web3.0 and Blockchain technology.
Earlier, US-based investment company Andreessen Horowitz (A16Z) announced two new investments – a $ 4.5 billion crypto and Blockchain company and Web3.0 startups and ‘Games’ Fund One ‘$ 600 million focused exclusively on the gaming industry. .