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Delivery startup Veho is ending corporate operations

Veho, a package delivery company, has confirmed that it has laid off 19% of its employees, or about 65 jobs. As first reported by The Informationthese layoffs come after Veho increased revenue by nearly 90% in 2023.

«We have reorganized our corporate team to improve efficiency, accelerate our path to profitability and be able to invest more in areas that directly impact our clients’ needs and our growth,» the company said in a statement sent to TechCrunch.

The logistics technology company, founded in 2016 by Itamar Zur and Fred Cook, tracks the last part of the delivery — how packages get from fulfillment centers to the customer’s door.

At the beginning of 2022, Veho was not in bad shape. The company grew by 40% in revenue and 20% in its customer base compared to the previous year. There were also plans to jump from 500 employees to 2,000 by the end of 2022.

He also got lucky in venture capital during the pandemic as shopping moved online. At that time, the company was raised $170 million in Series B funding in a round led by Tiger Global Management that raised the company’s value to $1.5 billion.

That was after the announcement $125 million in Series A funding two months before, the bullet that pushed Veha into unicorn territory. General Catalyst led that round.

With over $300 million in venture-backed financing now available, Veho has added markets and brought in a number of executives in late 2022, including Eric Swanson as Chief Commercial Officer and Brian McDevitt as Chief Revenue Officer.

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In the summer of 2023, the company went to 11 New England Markets and has worked with customers such as Kroger, Saks, Nordstrom, Misfits Market, HelloFresh and Nespresso. At the time, Veho said it had 910 employees in its corporate and warehouse teams and was looking to fill additional positions.

Even with continued growth, the company was not without problems last year, according to The Information. This included laying off customer support staff and drivers and moving those jobs overseas.

Then Swanson left in March, according to him LinkedIn profile. In December, Veho appointed Deborah Surrette, former vice president of sales at Oracle, to the role. McDevitt’s social media profiles still say he is CRO, but The Information reported that he has also left.

Increased freight rates and consolidation continue to impact the logistics industry, so we’ll have to see what happens. Veho remains bullish, telling TechCrunch that its capital position is «very strong and we’re building on our strong momentum and record peak season in 2023.»

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