Bizavo is laying off about 100 employees - About 35% of the company's 280 employees

The technology company Bizavo, which operates in the field of conferences, is embarking on a second round of layoffs in six months. The company is laying off about 100 employees - which is about 35% of the company's 280 employees.

The cuts were made in all the company's offices in Israel and around the world. The move comes after in July the company made another cut of about 30% of the company, and at the same time completed a fundraising round that estimated its value by 30%, less than the previous round in November 2020 (that is, a round with a decreasing value, or down round). In this way, the company decreases within half a year from an employee status of 400 people to about 180 people now.
Bizavo developed a Wix-like platform for building conference websites, managing the list of participants and creating business social networks around them. The platform allows, among other things, to broadcast virtual conferences directly from its content on the conference website. The company raised over 200 million dollars in all its years. The company enjoyed a boom during the Corona virus and even made several acquisitions. However, during 2022 and the crisis in high-tech brought quite a few upheavals to the company, as mentioned.
Bizavo stated: "Against the background of the ongoing financial uncertainty, we have decided to carry out a strategic organizational change with the aim of bringing Bizavo to profitability. As part of this move, we are taking a number of significant steps to lower the company's expenses and also say goodbye to excellent and dedicated employees around the world. We are committed to standing by their side and assisting them in the search process the job".