The Daily Telegraph
Duffel latest tech start-up to cut jobs in global downturn
TRAVEL tech start-up Duffel has been forced to cut 20pc of staff amid a global downturn for technology companies.
Duffel, which was founded in 2017, creates software for selling plane tickets that companies can quickly embed into their websites and apps. The company has received $56m (£48m) in venture capital funding from investors Index Ventures, which was an early backer of Slack and Revolut, and Blossom Capital.
The Daily Telegraph understands that around a fifth of the company’s staff, about 18 people, were made redundant a week ago.
Duffel did not respond to requests for comment. In its latest accounts published last month, Duffel said it had experienced “consistent” volume growth in 2021 and had seen travel numbers continuing to grow into 2022 as pandemic restrictions were axed.
Several British tech start-ups have been forced to slash jobs as venture capital deals slow and companies pare back growth plans in response.
Last month, The Telegraph revealed that Immersive Labs, a Bristol-based cyber security start-up, had cut 10pc of staff with the loss of 38 jobs. Pollen, an events and travel company, has laid off hundreds of employees after its parent company crashed into administration.
Last week, online car retailer Cazoo said it would wind down its European expansion operations with the loss of 750 jobs, in addition to cutting costs by £200m. Babylon, the virtual doctor company, said it would reduce headcount by 100 people, while Fintech companies Freetrade and Curve have each cut dozens of jobs this summer.
Start-ups have suffered a downturn in valuations as venture capitalists cool on the prospects of future growth.
Data from analysts Pitchbook found the total value raised by venture capitalbacked companies in the first half of 2022 was £15.4m, just over half the total raised in all of 2021.