Seattle-based sales software company Highspot on Thursday confirmed the company had laid off about 15% of its full-time staff, or roughly 140 employees.
The cuts come four months after Highspot laid off about 10% of its staff in February, after which it had 950 employees.
In a statement, Highspot co-founder and CEO Robert Wahbe said the cuts were meant to help Highspot become profitable more quickly.
"We are well capitalized and currently forecast being cash flow positive next year," Wahbe said in a statement. "Unfortunately, restructuring our business means we lose great people. Our first priority is ensuring those impacted have the time and resources to find new roles. The hard decisions we’re making now will steward our company’s future, but they also impact the lives of the colleagues we’re losing."
Wahbe also said the company is naming a president of field operations to oversee Highspot's go-to-market efforts, and the company will announce who is taking that role in the coming weeks. He added that the cuts allow Highspot to invest in product, engineering and artificial intelligence.
Highspot, founded in 2012, makes software to help sales reps with content management, training and guidance. The company's clients include FedEx, Slack and DocuSign. Highspot in 2021 raised $200 million, and it raised $248 million at the start of last year, after which it hit a value of $3.5 billion.
In January, Highspot confirmed it had downsized its physical footprint at its Belltown headquarters at 2211 Elliott Ave. through subleases. The company still had significant space on two floors, down from five floors when it raised $248 million in January 2022.
Multiple local tech companies have laid off employees recently. Seattle-based real estate tech company Flyhomes on Monday confirmed it had laid off an undisclosed number of employees, its third round of layoffs since July 2022. Seattle-based F5, meanwhile, laid off 623 employees in April. The layoffs come as venture capital activity in the Seattle area has plummeted this year.
