Namogoo lays off 15% of workforce
Israeli startup Namogoo, which has developed a digital journey continuity platform, has laid off 25 employees, making up 15% of the company’s workforce, Calcalist has learned. The majority of employees who are leaving the company are located in Israel. Namogoo’s team will total around 140 people following the layoffs, mostly in Israel, and the rest in London, Boston, and New York.
“We are refocusing our product and marketing efforts and will return to focus on big and medium-sized companies rather than small companies that require a lot of marketing expenses,” Chemi Katz, CEO and co-founder of Namogoo, told Calcalist. “We want to reach profitability by the middle of next year and we will change our expense structure.”
Namogoo has raised $81million to date. The latest round was $15 million six months ago. The investors in the company are Oak HC/FT Partners LLC from Connecticut, Blumberg Capital Ventures, GreatPoint Ventures and Hanaco Ventures.
Namogoo was founded by Katz and Ohad Greenshpan in 2014. It helps websites to prevent potential customers being distracted by coupons or third-party offers that could tempt them away from their current site and force them to migrate somewhere else.
“We are continuing to grow nicely every year and we are in a good position with revenue in the tens of millions of dollars,” added Katz.