Vee, a very new Israeli startup that is building a platform for volunteering, has already been forced to make cutbacks. The company is firing 50 of its employees – about 30% of the workforce – in what is just the latest such move in a long list of recent layoffs at Israel Startup Nation companies.
The move comes just six months after Vee secured $12 million in a Seed round.
Since July 1st, 12 Israeli firms have been forced to make cutbacks in their staffs, laying off many employees. This includes four unicorns. And one Israeli firm that was bought out by a foreign company a few years back is being shuttered entirely.
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This trend is largely attributed to the current global inflation crisis and the steps being taken to curb it. The U.S. and Israel have both raised interest rates. That move means there will be less money for future investments so companies of all kinds are contracting, if only temporarily.
May Piamenta, Vee CEO, explained the move in a LinkedIn post saying, “We made this decision with an extremely heavy heart, knowing we are committed firstly to Vee, to our investors, and to all the people around the world who get help from our platform.”
Piamento also took personal responsibility for the firing adding, “Before blaming the market or anyone else, I want to take full responsibility for this incredibly unfair, hard moment for our team. Please do not hesitate to contact me directly if you are hiring; you will all benefit greatly from working with those talented, mission-driven individuals.”
Vee was founded in 2020 by CEO May Piamenta, when she was just 20 together with CTO Gil Amsalem, and COO Avi Amor. Vee has raised a total of $13.5 million to date.
Vee’s platform provides a diverse range of volunteer options, including food aid, animal welfare, youth mentoring, and environmental projects, making it simple for HR teams to identify, arrange, and share charity events, effectively creating an internal community of giving back.
Vee enables human resources departments to easily identify, manage, and promote charity events across a broad range of volunteer options, including food relief, animal welfare, youth mentoring, and environmental efforts, by connecting potential volunteers with local non-profit groups.