Loop conducts another round of layoffs

Based on information obtained by Coverager, Loop Insurance has made another round of layoffs that impacted 19 employees, about 25% of the workforce. Last year the startup made similar cuts.

The layoffs were announced last Friday, with some employees caught by surprise since the recent all-hands meeting showed no signs of struggle. One senior employee who is no longer with the startup is VP of data Rob Ross, who joined Loop after six years at Liberty Mutual. The layoffs impacted several departments including sales, marketing, and engineering.

Based on our sources who asked to remain anonymous, Loop was overstaffed and resources weren’t well spent. One example is ‘Loop Plex,’ the startup’s new Austin headquarters. Some wondered why the decision was made since most employees work remotely and are based outside of Texas.

Loop has been pursuing a Series B raise, and its latest round of funding was announced in September 2021 when it raised $21 million.

The startup shared that it had crossed the 10k “member” mark on March 15, after ending 2022 with 4,094 members.