Ro cuts 18% of staff despite reduced focus, raising additional capital – TechCrunch

Ro cuts 18% of staff despite reduced focus, raising additional capital – TechCrunch
Ro cuts 18% of staff despite reduced focus, raising additional capital – TechCrunch

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Ro cuts 18% of staff despite reducing focus, raising additional capital: TechCrunch #cuts #staff #reduction #focus #raising #additional capital #TechCrunch Welcome to Eye9ja

Ro, a healthcare unicorn that last raised $150 million just a few months ago at a $7 billion valuation, has cut 18% of its staff to “manage expenses, increase the efficiency of our organization, and allocate better our resources to our current strategy,” leadership wrote in an email obtained by TechCrunch and confirmed by multiple sources.

“Due to our obligation to protect patient health information, there will be no transition period for those leaving the company,” the email continues. “We know this will feel abrupt and we hope you can find alternative ways to connect to say goodbye to your teammates.” Affected employees will receive two months of severance pay and job placement support. The health care unicorn offers two months of paid health care benefits.

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In the email, leadership says it has taken steps in the past six months to prepare for a potential recession, including reducing focus and raising additional capital.

TechCrunch has reached out to Ro for confirmation and further comment, but has not immediately heard back.

Ro’s decision to lay off people comes after several executives left the company, including Ro’s COO George Koveos, Ro Pharmacy’s CEO Steve Buck and, most recently, Modern Fertility co-founder George Koveos. Afton Vechery. Vechery’s departure, which came about a year after Ro acquired his company, has been rumored for more than six months, first sparked by an employee exodus that peaked last year. At the time, former and current employees spoke about the growing tensions at Ro that were caused by the health technology company’s inability to earn meaningful revenue from newer products.

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In an earlier email to employees, Ro’s leadership said they will put “more energy and resources into fewer initiatives” for the rest of the second quarter and the second half. “Reducing focus does not mean we will launch fewer products or services for patients. In fact, we think it will have the opposite effect. We will increase the speed of innovation for patients,” the memo continues, also noting that it will build “new products for existing patients.”

“The mantra for the rest of the year (and potentially beyond) will be growth with discipline,” the email continued. Quite a different feeling from last year when the company competed to be the “Amazon of health care.”

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