A Waltham-based startup that connects nurses with flexible work opportunities is among the last tech companies in Massachusetts to squeeze in layoffs in the first half of 2023.
Last week, connectRN cut workers company-wide, according to posts on LinkedIn by employees impacted by the job cuts.
A spokesperson for connectRN confirmed that the company eliminated about 20% of its workforce, with job cuts “evenly distributed across the company.”
ConnectRN had 283 employees total as of June 1, with 131 of those employees based in Massachusetts, the company said. A 20% reduction in staff would leave connectRN with around 226 employees.
“Last week, we led the company through a restructuring that we believe will set us up for success as we enter Q3,” connectRN said in a statement. “Like many health tech companies in our space, taking steps toward sustainable growth post-Covid is what we are focused on.”
ConnectRN follows a slate of other Massachusetts tech companies in carrying out layoffs this year. The Business Journal tracked 30 tech companies based in Massachusetts, or with operations in the state, that reduced their headcounts in the first three months of 2023. Layoffs slowed in the last few months, with just five local tech companies cutting jobs in Q2. Meanwhile, local life science companies cut more than 700 jobs in Q2.
The Waltham company has been in growth mode in recent years, especially since bringing on CEO Ted Jeanloz in 2021. Shortly after Jeanloz joined the company, connectRN closed $76 million in its second round of venture capital investment. This funding came in just eight months after connectRN raised $13 million.
In August 2022, Jeanloz told the Business Journal that connectRN saw 250% revenue growth since he joined as chief executive. He said the company planned to expand to 40 states by the end of the year.
Last year connectRN also made the Inc. 5000 list. This is the magazine’s ranking of the fastest-growing privately held companies in the country. ConnectRN was ranked 416 on the list and reported 1,472% percentage revenue growth from 2018 to 2021. The Waltham company was also on Inc.’s list in 2021 and got the 72nd spot with 5,205% three-year growth.
ConnectRN told BostInno it has seen more than 35% year-over-year growth in the first half of 2023.
