Crowdfunding platform lays off 94 employees - Silicon Valley Business Journal

GoFundMe declined to comment Monday when asked how many employees will remain. As of March 14, GoFundMe had approximately 495 employees, according to PitchBook.

The company said it has notified the state of the mass layoff as required under the federal WARN act, but those are not yet available, according to California's Department of Employment Development. Impacted employees will receive a minimum 13 weeks of salary while those with a tenure of longer than three years will receive additional benefits, per the letter. The company will also extend its stock options period from its usual three months to three years and is offering pro-rated vesting of stock options for employees that haven't met their initial one-year qualification.

GoFundMe, launched in 2010, hit a $1 billion valuation in 2016. As of August of this year, the company had delivered more than $19 billion from successful campaigns across more than 200 million donations. The company has a transaction fee of 2.9% and 30 cents for each donation to cover the cost of processing payments.

Last month GoFundMe announced that Classy Chief Operating Officer Soraya Alexander had been promoted to GoFundMe COO and would retain oversight of Classy as its president.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Silicon Valley Business Journal seeks nominations for Power 100 list - Silicon Valley Business JournalEarly next year, the Journal will be unveiling the Power 100, a list of Silicon Valley's 100 most important and influential people. We need your help finding them.
Source: svbizjournal - 🏆 334. / 59 Read more »

Bay Area sees lowest October home sales volume in 15 years - Silicon Valley Business JournalEconomic conditions in September and October continued to nosedive and so did real estate sales in the Bay Area. Here's how much they were down in October compared to the previous year.
Source: svbizjournal - 🏆 334. / 59 Read more »

Il Fornaio coming to Mountain View shopping center - Silicon Valley Business JournalIl Fornaio, which counts 'a few hundred thousand' fans in the Bay Area, is opening a new location. Here's where.
Source: svbizjournal - 🏆 334. / 59 Read more »

Il Fornaio coming to Mountain View shopping center - Silicon Valley Business JournalIl Fornaio, which counts 'a few hundred thousand' fans in the Bay Area, is opening a new location. Here's where.
Source: svbizjournal - 🏆 334. / 59 Read more »

Southwest Airlines launches nonstop SJC-PSP flight - Silicon Valley Business JournalSilicon Valley travelers can now choose from two near-daily flights to Palm Springs.
Source: svbizjournal - 🏆 334. / 59 Read more »

What Twitter's layoffs mean for Bay Area tech workers - Silicon Valley Business Journal'This is going to ripple throughout the tech industry,' says Meredith Firetog, a partner at the lawfirm Sanford Heisler Sharp.
Source: svbizjournal - 🏆 334. / 59 Read more »