• Latest
  • All
  • How To
Startups Have So Far Laid Off Nearly 77,000 Employees in 2022

Startups Have So Far Laid Off Nearly 77,000 Employees in 2022

September 14, 2022
Samsung

This Samsung Security Update Could Change How You Use Your Phone

July 9, 2025
tecno ultimate g fold concept

TECNO Enters Tri-fold Race with New Ultimate G Fold Concept Phone

July 9, 2025
Microsoft Edge browser

Microsoft Makes Edge 40% Faster in a Bid to Lure Chrome Users

July 8, 2025
Weak Checks Make Kenyan Digital Lenders Easy Targets for Criminals

Weak Checks Make Kenyan Digital Lenders Easy Targets for Criminals

July 8, 2025
DHgate Tablet Cases deals
Open TV

Open TV Brings Fast and Ad-Free IPTV to Android

July 7, 2025
Microsoft

Laid-Off Microsoft Workers Told to Ask ChatGPT for Career Support

July 7, 2025
nairobi barricades

Live Barricades App Offers Relief to Stranded Nairobi Commuters on Saba Saba

July 7, 2025
Voter Verification Portal Offline Indefinitely for System Maintenance

IEBC Portal Shutdown for Undisclosed Maintenance Period

July 7, 2025
Infinix Note 50 Pro x Java House Collab

Infinix Teams Up with Java House to Launch Note 50 Pro Series

July 4, 2025
Instagram threads

Meta Adds Direct Messages to Instagram Threads

July 7, 2025
Infinix Hot 60i Pre-order

Infinix Hot 60i Now Available for Pre-Order in Kenya

July 4, 2025
Windows

Windows Loses Ground as Users Switch to Mac, Linux, and Mobile

July 7, 2025
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
No Result
View All Result

Startups Have So Far Laid Off Nearly 77,000 Employees in 2022

Kenn Abuya by Kenn Abuya
September 14, 2022
in News
Reading Time: 3 mins read
264
0

Startups have been having a rough time in 2022, and according to reports, the current trends are not going away soon. It is also apparent now that VC funding has been slow across the globe. For instance, the tech sector has reported poor performance, which has in turn limited VC’s ability to raise money. The overall fallout has affected all other startups.

In the last quarter, for instance, tech stocks dropped substantially across multiple stock exchanges. This has forced VC companies to warn their startup co-founders that worse days are coming.

These trends have been attributed to inflation and geopolitical conflicts. Central banks in different parts of the world have been looking everywhere to draw gradually to a close the COVID-19 era stimulus that reportedly accelerated valuations. Some have hiked their interest rates, with notable selloffs in equity markets, even for startups. The development continues to haunt such companies to date.

So, are the boom times seen in the last decade gone now? Will startup CEOs be forced to make decisions that would have been outrageous only a few years or months ago? Likely.

While COVID was still around in 2021, startups at that time received more than USD 600 billion in investments, which was twice as high as what was invested in 2020 at the height of the pandemic.

The slowed investments, as said, are not expected to end anytime soon because the recovery from the economic downturn will take a long time.

Big tech companies are already firing some of their workers, while others are not taking in new employees, including the likes of Facebook, Google, and Uber. More recently, Patreon fired 17 percent of its staff (80 workers) at the start of this week.

Data

Thousands of companies have been forced to reduce costs and cut down their staff; startups are no exception.

According to data presented by TradingPaltforms, startups laid off nearly 77,000 employees in the nine months of the year.

Between January and April, startups reported nearly 13,900 job cuts. However, the number of layoffs exploded in May, the worst month to date, with another 17,000 people losing their jobs. A massive wave of layoffs continued in the next two months.

Statistics show startups let go around 16,660 members of their staff in June and another 16,200 in July or over 40% of the total job cuts to date.

In August, the number of layoffs slightly dropped but still hit 12,800.

With nearly 11,000 job losses in this period, the startups in the food industry have taken the hardest hit.

The transportation sector ranked second, with almost 8,700 job cuts. The retail, healthcare, and finance industries follow with 7,800, 7,200, and 7,000 layoffs, respectively.

US companies had a huge role in the latest wave of layoffs.

In fact, more than half of all reported job cuts in 2022 came from the United States.

In the nine months of the year, US startups laid off 42,700 employees.

The layoff figures for the last three years are much worse. Numbers show that startups in the United States have made over 103,000 job cuts since 2020.

India ranked as the second country on this list, with a total of 25,300 layoffs in this period.

In comparison, Chinese startups reported 4,400 layoffs between January 2020 and September 2022.

UK companies let go over 3,700 employees in this period, almost 1,400 more than German startups.

Lastly, data also revealed that Getir made the biggest layoff this year. The Turkish delivery startup made 4,480 job cuts, or 14% of its total workforce.

Tags: Startups
SendShare147Tweet92
Kenn Abuya

Kenn Abuya

Kenn Abuya is a friend of technology, with bias in enterprise and mobile tech. Share your thoughts, tips and hate mail at [email protected]

Related Posts

Axian Telecom Considers Full Acquisition of Jumia

Axian Telecom Is Plotting a Full Buyout of Jumia

July 3, 2025
Kenya startup funding growth

New Report: Startup Growth at Risk Due to Foreign Funding Dependence

June 5, 2025
Lipa Later

Lipa Later Crisis: Administrator Appointed as Company Faces Financial Woes

March 27, 2025
Safaricom Cohort

Safaricom Hosts Spark Accelerator Demo Day, Announces Second Cohort Applications

March 23, 2025
Tech startup

Startups May Have to Dedicate 15% of Expenses to Research If Startup Bill Is Passed Into Law

June 5, 2025
Africa's Big Four Dominate Startup Funding

Kenya Startups Secure $638M, Leading Africa’s Tech Ecosystem

January 8, 2025

Latest

Samsung

This Samsung Security Update Could Change How You Use Your Phone

July 9, 2025
tecno ultimate g fold concept

TECNO Enters Tri-fold Race with New Ultimate G Fold Concept Phone

July 9, 2025
Microsoft Edge browser

Microsoft Makes Edge 40% Faster in a Bid to Lure Chrome Users

July 8, 2025
Weak Checks Make Kenyan Digital Lenders Easy Targets for Criminals

Weak Checks Make Kenyan Digital Lenders Easy Targets for Criminals

July 8, 2025
Open TV

Open TV Brings Fast and Ad-Free IPTV to Android

July 7, 2025
Microsoft

Laid-Off Microsoft Workers Told to Ask ChatGPT for Career Support

July 7, 2025

Best devices

budget smartwatches 2025

Best Budget Smartwatches To Buy in Kenya 2025

February 13, 2025

Best Infinix Smartphones To Buy in Kenya 2024

February 13, 2025

Best Laptops for Battery Life in 2024

August 21, 2024

Best “Battery Warrior” Smartphones To Buy in 2024

August 22, 2024

This Samsung Security Update Could Change How You Use Your Phone

July 9, 2025

TECNO Enters Tri-fold Race with New Ultimate G Fold Concept Phone

July 9, 2025

Techweez is a fast growing influential source of technology news, reviews and analysis by leading tech geeks in the industry.

Follow Us

Editorials

Abductions and Arrests! Kenyan Government’s Fear and Hate of X Users Makes No Sense

Actors and Film Crews Are Worried About Veo 3 Taking Their Jobs

Samsung QLED TVs Now Officially Certified for Real Quantum Dot Technology

Trump’s Tariffs Will Be the End of Affordable Tech

5 Ways to Prep Your Tech for Resale

The Weaponization of PDFs: How Cybercriminals Are Exploiting a Trusted Format

More News

Live Barricades App Offers Relief to Stranded Nairobi Commuters on Saba Saba

IEBC Portal Shutdown for Undisclosed Maintenance Period

Infinix Teams Up with Java House to Launch Note 50 Pro Series

Meta Adds Direct Messages to Instagram Threads

Infinix Hot 60i Now Available for Pre-Order in Kenya

Windows Loses Ground as Users Switch to Mac, Linux, and Mobile

  • Terms Of Use
  • Techweez Brand
  • Privacy & Policy
  • Contact Us

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!

Hey there! Just a heads-up: we're big fans of cookies - both the digital and edible kind! 🍪 We use our cookies and some from third parties to ensure your browsing experience on our site is smooth sailing and secure.

 

But wait, there's more! We also use cookies to gather stats and insights on how you navigate our site. It's like getting a behind-the-scenes peek at your digital adventures!

 

Don't worry, you're in control. You can adjust your cookie settings anytime to suit your preferences. Feeling curious? Dive into our Privacy Policy for all the juicy details. Happy browsing! 🚀

Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
No Result
View All Result
  • News
  • Reviews
  • Features
  • Editorial
  • Automotive
  • Entertainment

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.