Selina Beit Oren, Israel
The founders of the Israeli hospitality company Selina are losing their controlling stake. This is due to an attempt to raise new funding for the flailing NASDAQ traded company which has lost 99% of its value since once holding a market cap of $1.2 billion, reported Globes. Meanwhile, Incredibuild, an Israeli startup that offers a hybrid development acceleration platform for developers and DevOps teams, was forced to lay off 20% of its workforce, or 40 employees.
Founded in 2002, Incredibuild turbocharges development with Virtualized Distributed Processing technology, turning every host into a supercomputer with hundreds of cores. Incredibuild boasts that with its service accelerated product development from compilation to testing and release automation delivers better products to market radically faster.
Incredibuild boasts over a quarter of a million users from 2,500 global organizations, including many Fortune 100 companies. Headquartered in Tel Aviv with offices in the US, Japan, UK and China, Incredibuild was founded on the premise that there is time to build and time to release. Frequency of updates is not just time- and cost-saving; it is an enterprise’s competitive advantage.
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But now, as Incredibuild explained, the software industry experienced a dramatic decline during 2023 that affected the company as well.
“Incredibuild is a global company that operates with responsibility and discretion in accordance with market conditions and the global macroeconomic situation,” the company said. “Accordingly, and despite ongoing efforts to avoid this as much as possible, the company is entering into an efficiency process, which includes, among other things, a reduction in the global workforce.”
The firm explained that the purpose of the “streamlining” is to ensure “continued long-term business growth while providing the best response to our customers and realizing the company’s strategy for 2024, which includes technological innovations that will dramatically improve the speed of our customers’ software development process and its performance, alongside entering new markets and building new opportunities.”
Founded in 2014 by Daniel Rudasevski and Rafael Museri, Selina says it was built to address the needs of Millennial and Gen Z travelers, blending beautifully-designed accommodation with coworking, recreation, wellness, and local experiences. Custom-built for today’s nomadic traveler, Selina provides guests with a global infrastructure to seamlessly travel and work abroad. But its business model seems to not be practical.
In August, Jewish Business News reported on how the firm’s shares had plummeted by 96%. At the end of June Selina announced that it was closing offices and laying off 350 people.
At that time, Rafael Museri, co-founder and Chief Executive Officer of Selina, said that the company was working to “streamline operations, curtail expenses, and enhance unit economic.”
