San Francisco-based tech company is laying off a third of its employees

On Deck, a technology company that helps people launch and build their businesses, has laid off a third of its employees, Take Crunch mentioned. These layoffs come three months after the company laid off a quarter of its staff in early May.

on August 4 Blog postOn Deck announced a restructuring of the company that resulted in the elimination of a number of roles.

“One of the unfortunate implications of this decision is that we are being parted from the best talent,” a SFGATE spokesperson said.

On Deck told TechCrunch that 73 full-time employees have been laid off. These 73 people will be provided with a payment of 8 weeks, 3 months of Medicare coverage and 3 months of “expedited option vesting”. Recruiters looking to hire any of the laid-off On Deck employees can Entry request To the list of those looking for new jobs.

“We will go back to our roots, refocusing On Deck exclusively around our founders’ core communities, products, and markets,” the company’s blog post read.

On Deck launched in 2019. Since then, the companies I’ve worked with have raised more than $8 billion in value and raised more than $800 million, the spokesperson said. This rapid growth was part of the company’s decision to downsize its staff.

“Our team has worked tirelessly to expand and cover a large area. However, this broad focus has also caused significant tensions. What we have always expected as a strength – serving multiple user groups and building flywheels between them – has also broken our focus and our brand,” the blog post read. .

On Deck also plans to split into two companies, stating that it will “transform our senior professional communities into a new company, led by a small group of On Deck employees and alumni.” Other communities within the company will be dissolved.

The company’s layoffs are the latest in a series Mass layoffs That has shaken up the industry over the past few months.