This week it became crystal clear that the music has stopped for start-ups as rapid rises in interest rates, fears of runaway inflation and plunging consumer confidence spook investors. | nickbonyhady
has told investors it will cut back spending on staff while smaller rival Voly has slashed jobs and stores. Clinical trials firm HealthMatch has cut about half of its workforce and e-commerce aggregator Una Brands has shed about 10 per cent of its headcount.This masthead can also confirm layoffs at police software maker Mark43, after former staff posted online saying it had made an entire team redundant, payments company Zepto and medical management company Perx Health.
In other words, venture capital investors tend to only back companies that are building revenue rapidly. But unlike a few months ago, Australia’s venture capitalists are now leery of firms that are spending at all costs to get there. Some Australian founders who have spoken with overseas venture funds in recent months confirm American firms are being told to make hard choices, fast. Others who are seeking funding report a more positive picture.that he’d had significant interest from overseas firms in a fresh capital raise despite the business losing $13 per order just months ago at one of its best stores.
Customer research startup Dovetail, which raised money at a near $1 billion valuation late last year, has put up posters and a light rail ad in Sydney advertising its $5000 bonus policy for any member of the public who refers it a successful candidate.Investors at AfterWork Ventures, which puts money into early-stage companies, and Earlywork, a platform that shepherds people into tech careers, this week rapidly spun up a free tool to match laid off staff with companies still hiring.
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