Calgary tech unicorn Benevity announced today that it’s laying off 137 staff members, representing 14 per cent of the company’s workforce.
In a written statement posted to Benevity’s website, CEO Kelly Schmitt called it one of the toughest days in the company’s history, pointing to recent company growth outpacing a slowing demand for its services.
“We significantly increased the size of our team, but over the last nine months macroeconomic conditions have changed dramatically, and the demand we expected to see has slowed significantly,” wrote Schmitt.
With over 20 million users can accessing their platform, Benevity is the largest corporate purpose software provider in the world. More than $10 billion has been donated by Benevity clients and their people to over 326,000 nonprofits to-date.
In 2020 British-based Hg Capital LLP purchased a majority stake in the privately held tech company for $1.1 billion, making the Calgary-born software company a unicorn.
Benevity was founded in Calgary in 2008 by Bryan de Lottinville.