The Boston-based agritech company Indigo Ag Inc. is once again trimming the size of its team, just five months after its last round of cuts.
Indigo laid off a number of its workers last week, according to several LinkedIn posts from impacted employees. The former Indigo workers held roles across the company in areas like software, talent, product and customer experience, per their LinkedIn profiles.
Chris Repetto, Indigo’s vice president of corporate communications, said that on July 27, Indigo "parted ways with some employees and colleagues across all levels of our organization.”
“As Indigo Ag continues to evolve as a company, execution against the mission requires continued innovation, further commercialization, and becoming economically self-sustaining. While we're on track to approximately double our revenues this year, we are still cash-consumptive, and this requires us to closely manage expenses,” Repetto said.
Repetto added that the layoffs were necessary to keep Indigo on “a long-term path to profitability and to withstand the macroeconomic pressures that all companies are facing today.”
The company declined to provide details on the number of employees impacted. It was also not clear which sites the layoffs impacted. Indigo is headquartered in Boston and has operations in Research Triangle Park, North Carolina, and Memphis. Indigo also has a few international sites and employs remote workers.
In March, the Business Journal reported that Indigo laid off at least 20 people from its research and development team, according to one source, and an unknown number of software engineers and designers. At the time, a company spokesperson declined to disclose any figures and said the company had "parted ways with some of our employees, colleagues and friends across all levels of our organization.”
Prior to 2023, Indigo cut 80 jobs in Boston and Memphis in February 2021. These layoffs were tied to CEO Ron Hovsepian’s plan to focus company resources on a grain marketing platform, a transportation platform, a carbon farming program and biological products. Indigo also cut 150 jobs in February 2020 for operational efficiencies.
Indigo became a "unicorn" in 2017 when it reached a $1 billion valuation. The Boston company raised a $200 million round in January 2020 and a $535 million round in August 2020. More recently, the company brought in a $150 million Series H last July, per data from PitchBook.
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