Next Insurance founders Nissim Tapiro Guy Goldstein Alon Huri source PR
Israeli insurance company Next Insurance, which happens to be a unicorn, is just the latest firm in Startup Nation forced to make cuts. In a sign of the times, the company is laying off 150 of its people, or about 17% of its total workforce.
“It was a very difficult decision, but we are reducing the workforce to adapt to the worsening macroeconomic environment,” Next Insurance wrote in a statement. “In the last six years since we were founded, we have invested heavily in building our product base, increasing our customer acquisition channels and in 2021 we tripled the business. The company is on track to reach annual sales of well over $800 million in 2022. However, in reference to the company’s long-term vision, we must shift focus towards profitability. We will be reducing our workforce by 17% with most of the positions impacted being in the U.S.”
The news comes just days after fellow Israeli unicorn Lightricks, which offers a content creation app, was also forced to make cutbacks. The company is laying off about 12% of its workforce, or 80 people.
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Also in June, StreamElements, an Israeli startup that offers interactive tools to help companies manage communities and create revenue for streaming content creators, went through a contraction despite having recently raised a lot of money in funding. The company reportedly sent dozens of its employees termination notices.
In May, Israeli AI startup BeyondMinds informed its 65 workers that the company was closing. This came after an attempt to sell the company fell through.
Founded in 2016, Next Insurance says that it was created to give your business the coverage it deserves. Simple, affordable and tailored. “No no matter what you do, no matter how you define success, we’re right there, next to you. 100% dedicated to the self-employed, 100% how insurance should be.”
