Greentown Labs, the largest climatetech incubator in North America, is reducing its headcount by 30%, resulting in 12 eliminated positions at its Somerville location. Six roles will be eliminated at Greentown's Houston site.
The layoffs were announced in a Friday letter from Greentown's president and CEO Kevin Knobloch. He cited "a structural deficit where growth outpaced revenue."
In the letter, Knobloch wrote that Greentown Labs grew rapidly over the past four years, and said there has been significant changes in senior leadership. Knobloch became CEO of the organization in September 2023, taking over for longtime CEO Emily Reichert, who is now CEO of the Massachusetts Clean Energy Center. Greentown Labs supports over 100 startups from its Somerville hub.
"We have unfortunately reached a point where Greentown needs to focus on reducing expenses and rightsizing our organizational structure, which will position us well for our next chapter of growth," Knobloch wrote.
The letter did not specify which positions were being eliminated.
Greentown Labs started in 2011 with four startups. Since then, it has incubated over 500 startups, according to its website, and claims a 90% startup survival rate. It has raised almost $6 billion in funding.
Greentown Labs has approximately 100,000 square feet of coworking space in Somerville. It opened a Houston location in 2021.
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