Bonusly: Macroeconomic changes, rapid growth factors in 30% staff cut

BOULDER — Just weeks removed from closing a nearly $19 million fundraising round, employee-recognition and rewards platform Bonusly laid off 30% of its workforce.

The job cuts, which company leaders have not specifically quantified and were first reported by the Denver Business Journal, come amidst a period of decreased demand and increased pressure from investors. 

“We’re in a dramatically different economic reality here in 2023 than we were at the start of the pandemic or in 2021.”

“Since the pandemic, there was a ton of money pumped into the economy, and interest rates were held at zero,” Bonusly co-founder and CEO Raphael…