Santa Israeli startup lays off most of their employees - A few dozens

Another startup company lays off employees. The CEO of Santa, Roy Adler, announced on Monday evening that the company will lay off most of its employees (a few dozen). In addition, the company is considering returning the money it raised to the funds.
"Dear friends, I have some hard news to share," Adler posted on his LinkedIn and Twitter accounts. "It is easy to confuse the money in the bank with business success, but it is our responsibility to examine structural issues and act quickly and decisively, instead of throwing away the money trying to solve what cannot be solved. Therefore, with a heavy heart, we decided to take a few steps back, reduce the rate of cash burning to almost zero And we will use the coming months to rethink our direction. Unfortunately, this comes with a heavy price of a dramatic reduction in the workforce."
The Santa company was established by CEO Roy Adler and Shay Weininger two years ago with the aim of improving the online shopping experience. The company's goal was to establish mobile physical stores that come to the customer's home, with the help of a salesperson, so that he can measure and purchase on the spot.
Adler summed up the company's failure by saying, "We learned that creating the level of service we wanted has unsustainable costs. Therefore, it is difficult to see the service developing into a structure of size advantage and turning into profit. Most of the money we raised is still with us, and our commitment as entrepreneurs to investors is to protect their capital and make use of it the best use".