EquityBee Israel team (co PR pic)
EquityBee, an Israeli startup that provides an employee-focused stock options funding solution, is making layoffs. The company is letting go of about 25 of its employees in Israel, or roughly 20% of its total workforce. The company has raised $85 million in total investment to date.
Israel Startup Nation firms have been feeling the sting of the worldwide financial crisis that has dried up capital for new investment. As such, many have been forced to make similar cutbacks.
In a statement about the layoffs, EquityBee acknowledged this saying, “The changes in the market have led to the company deciding to focus its efforts at this time on the U.S. market and companies that are in high demand among our community of investors, as was published in our blog, and assist employees from those companies to realize their options.”
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“Due to the new business focus,” added EquityBee, “we were required to adjust our resources and manpower. We are sorry to be saying goodbye to employees that were an inseparable part of building Equitybee and turning it into the company it is today, and we really appreciate their contribution and will do all we can to assist them moving forward.”
Founded in 2018 by CEO Oren Barzilai, CPO Oded Golan, and COO Mody Radashkovich, EquityBee says that its service helps to empower startup employees to exercise their stock options and participate in the success of the company they helped build. EquityBee’s Investor Network provides the capital that startup builders need to exercise their stock options and become shareholders.
We have all heard about stock options, but what are they, exactly? Investopedia explains that a stock option gives an investor the right, but not the obligation, to buy or sell a stock at an agreed-upon price and date. Companies offer such options to their employees as an incentive.
