A Denver tech unicorn went through layoffs earlier this month.
The number of employees impacted is unknown but at least a dozen former employees posted about being laid off on LinkedIn as part of AgentSync’s reduction in force.
The company did not respond to requests for comment from the Denver Business Journal.
A unicorn refers to a private startup company that's valued at at least $1 billion.
Insurance tech startup AgentSync builds tools for the insurance industry to connect producers, agencies, carriers and agents to increase efficiency. Its AutoPilot product allows users to streamline compliance management while its AgentSync Manage tool simplifies compliance-related work in management workflows.
Founded in 2018 by husband and wife duo Niranjan Sabharwal and Jenn Knight, AgentSync got its start in the Bay Area before moving to Denver in 2020 to tap into the city’s tech talent.
In September 2021 it opened a 12,500-square-foot office at 2734 Walnut St., the former Riveter coworking space. Nearly a year and a half later in March 2023, AgentSync outgrew the space and moved down the street to a larger, more modern office.
The company quickly grew to 115 people and achieved unicorn status last year after raising a $75 million Series B round at a $1.2 billion valuation. At the time, AgentSync planned to double the size of its team.
As of May, AgentSync employed 154 people, with 60% of the team in Denver and the rest working remotely across the U.S. The company was also named as a finalist in the X-Large category for the DBJ’s Best Places to Work awards.
AgentSync’s layoffs come as a handful of other Denver-based companies have reduced the size of their teams in recent months.
Most recently, Inspirato (Nasdaq: ISPO) laid off about 50 employees after letting go of roughly 110 people earlier this year. Earlier this month, Bank of the West let go of 56 staffers and CyberGRX went through a round of layoffs after being acquired.
In June, Friday Health Plans said it would lay off all 322 Colorado employees. Online stock brokerage Robinhood also cut 150 employees in June as part of its third round of layoffs in just over a year.
