Sacramento-based organic food delivery service Trifecta Inc. this week went through its third round of layoffs in less than a year.
The company laid off 10 people in July and about eight people in November.
"Yes unfortunately, it was a small percentage of our workforce but is just the state of the economy," said co-founder and CEO Greg Connolly, via email. "Hopefully the Fed comes back with no additional increase in this next meeting."
In an email to the affected employees on Wednesday, the company said it regrets "to inform you that you are being laid off from your current role, effective 8 a.m. today."
The company said in the email that due to restructuring, Trifecta is "eliminating several roles in different departments."
The company thanked the affected employees for "helping us on our mission to get America back in shape."
It said the cuts were the result of the current state of the economy, along with supply chain setbacks. It said it had to make the difficult decision to reduce its workforce in an effort to "restore profitability so that Trifecta can continue to operate."
At the end of 2021, the company had 105 employees. The company didn't say how many people it employs now, or how many were affected by the most recent cut.
Trifecta designs and ships complete cooked and vacuum-packed meals nationwide for fitness-minded consumers and people with special diets. It markets its meals for athletes and fitness buffs, and it has partnerships with sports leagues and competitions.
In 2021, Trifecta raised $20 million in funding from investors led by Boston-based venture capital firm Spring Lake Equity Partners.
The growing meal delivery company ranked fourth on the Business Journal's Fastest Growing Companies list in 2021, with about $77 million in 2020 revenue. It made the Fastest Growing Companies list again last year, in 20th place, with $97.7 million in revenue in 2021 and growth of 137.5% over three years.
The cuts at Trifecta follow similar moves by Sacramento-based Influencer marketing management company Grin Technologies Inc., which laid off at least 12 people in March and 60 employees in November. Those cuts joined a host of technology companies — from Salesforce.com Inc. (NYSE: CRM) to Amazon (Nasdaq: AMZN) and Intel Corp. (Nasdaq: INTC) to Google LLC — that have announced layoffs in recent months as the tech economy is slowing following years of rampant hiring.
The tech companies were affected by rising interest rates and the sudden slowing of venture capital investments early last year. The decline in technology investment was a key factor in the rapid collapse of Silicon Valley Bank in March.
Trifecta allows customers to choose from a menu of meals for a variety of specific diets, such as keto, paleo, vegan, vegetarian, clean eating and classic.
The company was founded in 2015. Since 2016, it's formed strategic partnerships with sports leagues and entities, including CrossFit LLC, F45 Training, the American Heart Association, Spartan Race Inc., Team USA Weightlifting and the Mr. Olympia bodybuilding contest.
