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Hinge Well being, a 9-year-old firm that provides a digital resolution to deal with persistent musculoskeletal (MSK) situations, has reduce roughly 10% of its workforce on Thursday, TechCrunch has completely discovered.
The corporate stated individuals who have been laid off labored throughout numerous features; in line with workers posting on LinkedIn, some have been engineers. Earlier than the layoffs, Hinge had over 1,700 workers, in line with a LinkedIn estimate.
“As we proceed to reimagine musculoskeletal care, we’re additionally dedicated to constructing a long-term sustainable enterprise,” an organization spokesperson stated in an announcement. “To speed up our path to profitability, pace up resolution making, and higher focus our investments, we’ve got made the choice to realign our group. We’re extremely grateful for all our departing crew members’ contributions and are centered on supporting them by means of this transition.”
The layoff comes as the corporate prepares for an IPO and goals to achieve profitability.
The corporate didn’t touch upon the timing for its IPO, however Hinge has stated beforehand that it’s not underneath stress to hit the general public markets this 12 months because it nonetheless has $400 million of money on its stability sheet.
Hinge was final valued at $6.2 billion in October 2021 when it raised a $400 Collection E from Tiger International and Coatue Administration. The corporate has raised a complete of $828 million, in line with PitchBook information.
The corporate’s principal competitor is Basic Catalyst and Khosla Ventures-backed Sword Well being, which was final valued at $2 billion in November 2021.
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