Facetune Maker Lightricks has laid off 12% of its staff: company statement

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Lightricks, the startup behind popular photo-editing app Facetune, laid off 80 employees this month, the company confirmed to Insider.

The layoffs represented about 12% of the company and impacted employees across technical, product and marketing teams, the company said.

“Due to the continued tightness of the global economy, Lightricks has decided to set the business up for long-term success by reducing cash expenses while managing current revenues and investments without the need for additional short-term external financing. term,” the company said in a statement. statement. “This plan includes reductions in marketing and operating expenses and restructuring of staffing models. While difficult to implement, these changes allow Lightricks to focus on specific projects that will accelerate a manufacturer’s transformation. of tools into a complete platform for content creators.”

The startup has 11 photo and video editing apps, including Facetune, TikTok editing app Videoleap, and a bio link tool.

Lightricks has raised $335 million in total capital and was valued at $1.8 billion in September when it raised $130 million in Series D funding, TechCrunch reported.

In March, the startup acquired Popular Pays, a Chicago-based software company that connects brands with creators. 30 Popular Pays employees joined Lightricks, and its CEO Corbett Drummey became the company’s vice president of brand collaboration, Axios reported.

Lightricks is primarily based in Jerusalem, and Axios announced in March that the company had more than 550 employees across five offices.

In February, TikTok’s second-most-followed creator, Charli D’Amelio, and her family announced an investment in the company and that they would become strategic advisors to the startup. The family promoted the app and its video editing tools on their social media.

Lightricks is one of the few startups in the maker economy to have laid off in recent months. In June, SMS Community startup laid off about 40 employees, creator-economy startup Jellysmack laid off 8% of its staff, and the newsletter Substack platform laid off 14% of employees. Celebrity shoutout platform Cameo also laid off 87 employees in May.

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