Jetty lays off 40% of staff
After we reported that Jetty and its partner Munich Re decided to temporarily pause sales of new policies, the NY-based startup has laid off 40% of its staff. Jetty had around 90 employees and the layoffs, which took place on Friday, affected around 35 people.
In a statement, a Jetty spokesperson claimed that the pause is unrelated to the layoffs and that the job cuts were planned beforehand. “Like so many other companies dealing with the impact of COVID-19, we have made the difficult decision to part ways with some of our team members. All team members impacted were notified on Friday and have received severance packages. It was a hard day, but these decisions have been necessary to ensure the long term health of the business.”
Bottom Line: COVID-19 led to the pause which led to the layoffs, so yes, it’s due to COVID-19. But this makes you wonder if Jetty grew too fast without justification.