Ethos lays off 40 employees
We reached out to Ethos Life following our understanding that the company has laid off employees. Below is a statement from the company:
“Given the current capital market conditions, like many other companies, we are reducing our cost structure in a manner that allows us to responsibly and sustainably expand our ability to protect more families.
Yesterday we said goodbye to 40 team members (12% of our workforce) across our North American departments and offices. We’re committed to supporting them and appreciate their work and all their contributions.
Ethos is the first insurtech to have grown gross profits to above 9 figures. In the last 18 months we have:
- Tripled revenue and gross profit
- Built an underwriting platform light years ahead of where the industry sits, which instantly approves 95% of applicants for life insurance
- Acquired Tomorrow Ideas and integrated wills & trusts into our product lineup
Our commitment to protecting millions of families has never been stronger and we believe this step positions us to grow and diversify.”
During 2021, Ethos raised ~$300 million and it was last valued at $2.7 billion. This isn’t the first layoffs taking place at the company – in June 2020, it cut its workforce by 14%.