Redesign Health, a company building other healthcare startups, lays off 67 employees or about 20% of the workforce, londonbusinessblog.com has learned. The cuts come about a month after Redesign raised $65 million in Series C funding.
A Redesign spokesperson confirmed the layoffs, calling the cuts a “restructuring move.” “This move from Redesign was not financially driven—or was something related to, or a requirement of, the recent increase in the round,” the spokesperson said. fast company, adding that the engineering, product, marketing and recruiting departments would be affected.
CEO Brett Shaheen said in an email to employees that, as part of the “continued evolution of the company and given the need to prioritize in a challenging market,” Redesign would reduce the size of some teams, while also helping to others would continue to hire. “As a result, we believe we can create a greater impact for our founders and partners,” Shaheen wrote. (The company has eight open positions on her) website.)
Founded in 2018 by Shaheen, Redesign researches, assembles, brands and launches healthcare startups with the help of its team of entrepreneurs, healthcare operators, business analysts and investors. To date, the company has launched more than 40 startups since its inception, including a cosmetic treatment center Ever/body and weight loss platform to calibrate. Redesign told londonbusinessblog.com last month that the latest funding, which sources say brought the valuation to $1.7 billion, would benefit its own operations and platforms. The company planned to establish more than 25 new companies by the end of 2022.