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Crowdfunding platform lays off 94 employees - Silicon Valley Business Journal

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As it makes layoffs, GoFundMe says it will refocus on its core business.

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.

 

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