Woman-led edtech unicorn Guild lays off 172 employees

Advertisement
Woman-led edtech unicorn Guild lays off 172 employees
  • Guild has announced to lay off 172 employees, or 12 per cent of its workforce.
  • Guild CEO Rachel Romer told employees in an email that layoffs were "incredibly painful" but necessary to ensure the company's long-term success, reports layoffstracker.com.
Advertisement
San Francisco, Woman founder-led edtech unicorn Guild has announced to lay off 172 employees, or 12 per cent of its workforce, as part of a broader reorganisation for long-term growth.

Guild CEO Rachel Romer told employees in an email that layoffs were "incredibly painful" but necessary to ensure the company's long-term success, reports layoffstracker.com.

The company had "identified the go-forward structure, roles, and skill sets needed to enable our strategy and create a more focused, seamless way of doing work at Guild," she told the staff.

Complimentary Tech Event
Transform talent with learning that works
Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More
Those impacted will receive 12 weeks of severance pay, with an additional week of pay for each full year of service at the company.

Moreover, they will also get medical, dental, and vision coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA) for up to 18 months, with Guild covering the premiums for the first six months.

Advertisement

Denver, Colorado-based Guild has extended the equity exercise period by two years, allowing employees to continue accessing the company's upskilling programmes, said the report.

Those impacted will also retain access to the Beehive, Guild's subsidised childcare programme.

The company raised over $200 million in funding and was valued at $4.4 billion in 2022. The edtech platform received the unicorn status in 2019.

Last year, Guild secured a $175 million Series F financing round, which included investment from Oprah Winfrey.

SEE ALSO:
Samsung Galaxy A34 5G review: A Mid-range marvel
Advertisement
Google opens AI search experiment to selected users for testing - here’s how you can sign up
{{}}