GetYourGuide, an online travel agency for travel experiences and activities, is laying off staff as the pandemic takes its toll on the sector. The Berlin-based startup had avoided layoffs until now thanks in part to hefty pre-crisis funding.
About 90 workers were told they were being laid off with a company-wide meeting on Tuesday discussing the event, Gründerszene first reported.
“We’re at an inflection point in our journey, and have made adjustments to our workforce this week,” a GetYourGuide spokesperson said. “As our view of the market’s path to recovery has come into focus, it’s become clear that it was necessary for us to adapt our company to the present reality. Those leaving our ranks have our deepest gratitude, and those staying on will lean into each other and push forward.”
GetYourGuide last year raised $484 million in funding led by venture capital giant SoftBank Vision Fund. Since then SoftBank has come under financial pressure due to the underperformance of some of the companies in its portfolio.
GetYourGuide co-founder and CEO Johannes Reck spoke at Skift Forum Europe in June, saying his company was fortunate to be able to withstand the crisis better than some other players given the timing of its most recent funding round. The startup has raised nearly $600 million since its founding. The company’s jobs page is continuing to advertise for technical positions.