Policygenius has laid off 25 percent of its staff less than three months after raising $125 million.
The exact number of employees affected is unknown, however, it is estimated to be around 170.
One employee commented on LinkedIn today that he was among the 25 percent of employees who were let go.
Jennifer Fitzgerald, Policygenius CEO said: “As with many companies, the sudden and dramatic shift in the economy has forced us to adapt our strategy.
“After careful consideration, we announced the difficult and necessary decision to reduce the size of our workforce.
“With these changes, we remain confident in the future of our company, our continued innovation, and the excellent service we continue to provide our customers every day.”
“This is a difficult day for us at Policygenius, and especially for our employees who have been directly impacted. We’re saying goodbye to friends and colleagues who have, through their hard work and dedication, helped build this company and deliver on our mission for our customers. We’re grateful for their many contributions and wish them all the best.”
The insurance company‘s software enables customers to locate and purchase various insurance packages online.
Policygenius has raised nearly $250 million from investors including KKR, Norwest Venture Partners, and Revolution Ventures since its launch in 2014.
Brighthouse Financial, Global Atlantic Financial Group, iA Financial Group, Lincoln Financial, and Pacific Life are among the firm’s key supporters.
WHAT IS POLICYGENIUS?
Policygenius is an online insurance marketplace offering life, homeowners, renters, auto, disability, and health
Where it is headquartered? Policygenius is headquartered in New York City.
How many staff does it have? It currently has around 550 employees.
What is its annual revenue? $514 Million