Another Central Ohio tech company cut jobs this month, although a smaller reduction in force than others have gone through.
Matic Insurance Services Inc. terminated 5 percent of staff on Wednesday, affecting 16 employees, 10 of whom worked at the Columbus headquarters. The digital insurance agency still has 139 full-time employees in Central Ohio, about the same as it reported in fall.
"The volatile capital market environment has required us to accelerate Matic’s focus on profitability," CEO Ben Madick said in a statement. "We believe these changes combined with the increasing number of financial organizations partnering with Matic will continue to propel our growth and ensure we meet profitability goals."
The company is providing outplacement services following the "difficult decision," he said.
Job cuts have swept through venture-backed tech companies looking to preserve cash amid inflation and higher interest rates that have slowed VC investing.
In 2022, Columbus-based Root, Olive and Klarna cut about 1,000 jobs combined. Most recently, cybersecurity startup Aware, which had about 120 employees last year, announced an unspecified reduction in force.
Matic first opened a Columbus office in 2016 and later moved its headquarters here from Los Angeles. It has an office in the Brewery District. The 8-year-old company named Phoenix its western hub last spring.
Consumers use the platform to shop for home and auto insurance from among 40 carriers, especially through partnerships with digital mortgage lenders.
The Columbus staff is much larger than the 60 jobs it projected under terms of a state incentive in 2018.
It's won a Columbus Business First Best Places to Work award every year since 2018, when it was in the "micro" category for 10 or fewer employees, then in the medium employer and graduating to large for 2022.
Nationwide, through its VC arm, is among Matic's investors. It last raised $24.5 million just over two years ago.
