“We’re grateful for his or her many contributions and unhappy to see them go,” the CEO’s assertion continued.
The Dallas Morning Information reported that information of the layoffs was shared individually with every affected worker; in line with the corporate, it “felt it was probably the most respectful option to talk to every crew member.” Every laid-off worker might be given a severance bundle, COBRA medical insurance and entry to free psychological well being companies.
Other than severance pay and the advantages, Bestow can also be permitting its laid-off employees to maintain laptops and different work tools, and is offering them with an employment outplacement service to assist them safe new jobs.
Information of the redundancy comes months after Bestow introduced its plans to rent as much as 150 extra workers in 2022. The startup was seeking to construct on its sturdy income progress over the previous couple of years, having doubled its income year-over-year in 2021, The Dallas Morning Information mentioned.
In keeping with CrunchBase, Bestow has drawn over $137.5 million in non-public fairness funding over 4 funding rounds since 2017.
In December of final yr, Bestow entered right into a partnership with monetary companies agency Equitable to launch Time period-in-10, a brand new, totally digital time period life insurance coverage providing. In a launch, Bestow mentioned that Time period-in-10 was designed for Equitable to mix digital distribution with the personalized assist of a monetary skilled.