As the coronavirus pandemic impacts businesses large and small, a Denver tech unicorn is the latest to report layoffs.
Ibotta, the Denver-based mobile rewards platform, told Colorado Inno that it has scaled back its staff to accommodate for an uncertain economic climate.
"This is an unprecedented time in the history of our country. Over the past several weeks, Ibotta has been examining the economic impacts of Covid-19 on our business," Ibotta founder and CEO Bryan Leach told Colorado Inno in an emailed statement. "Given the current climate, we made the necessary decision to reduce the size of our labor force, returning to the level it was at approximately six months ago. This was not an easy decision to make, but we believe this is the best course of action for our company."
Ibotta did not offer additional details on the number of layoffs, size of remaining staff or severance packages for impacted employees.
These personnel moves come after the company announced in August 2019 that it had raised a Series D at a $1 billion valuation. The value of the Series D was not disclosed.
The round was led by Koch Disruptive Technologies (KDT), a Wichita-based investment firm headed by Chase Koch, son of billionaire Charles Koch. A subsidiary of Koch Industries, KDT focuses on investments that support Koch’s core capabilities, as well as companies that create entirely new platforms.
At the time, the company said the proceeds from the round would be be used to accelerate hiring plans and expand its downtown Denver presence.
According to a Denver Business Journal story in August 2019, Ibotta Chief Operating Officer Kane McCord said the company was likely to hire “well north of 200” people in 2020 following the raise. In a November story from the Biz Journal, Leach said the company had more than 700 employees.
Ibotta works with approximately 1,500 brands, including Amazon, Target, Walmart and more to deliver cash back rewards.
This is a developing story, check back for additional details.
