BuiltInLA Lays Off 25% of Staff Amid Industry Turmoil

Built In, the parent company of BuiltinLA, has laid off 25% of its staff. The company is just the latest venture-backed firm to make cutbacks amid a slowdown in funding and increasing competition.

The cuts come as the startup industry faces increased scrutiny and pressure to become profitable. Many startups have been forced to lay off employees or make other cutbacks in order to stay afloat.

Built In was founded in 2011 and has raised $29.9 million from investors. The company had been growing rapidly, but the layoffs are a sign that it is feeling the effects of the slowdown in the startup industry.

While Built In is still hiring for certain positions, the layoffs are a sign that even well-funded companies are not immune to the current climate.

Built In is a network of online communities that helps talent connect to tech startups and companies in seven major markets: Chicago, Los Angeles, Colorado, Austin, NYC, Boston, SF, and Seattle The company was founded in 2010 and is headquartered in Chicago.

The company has raised $29.9 million in Series C venture funding from investors including Pritzker Group Venture Capital, MATH Venture Partners, Dundee Venture Captial, and FireStarter Fund.

Built In’s primary product is a job board that connects tech startups and companies with talented job seekers in their respective markets. The site also offers content and resources to help job seekers learn more about the tech industry, further their careers, and connect with one another.

While the current focus of Built In is on job seekers, the company plans to expand its offerings to include products and services for companies as well. This will include a new platform that helps companies track their hiring progress, measure the performance of their recruiting efforts and connect with potential candidates.

The layoffs come as the latest sign that the once-hot tech industry is cooling off. Venture capital investment in startups has declined for three straight quarters, and a recent report from CB Insights found that the number of unicorn companies (startups valued at $1 billion or more) has declined for the first time since 2015.

The slowdown has been especially pronounced in the Bay Area, where a number of high-profile startups have laid off workers or shuttered altogether. But it’s not just the Bay Area that’s feeling the pinch – startups in other major tech hubs like New York and Los Angeles have also been affected.

The current climate is tough for startups, but it’s also important to remember that the tech industry is still growing. While funding may be down, there are still plenty of opportunities out there for talented job seekers. Built In can help you connect with the right companies and position yourself for success in the current market.

If you’re looking for a job in tech, Built In is a great resource.

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