San Francisco-based tech company is laying off a third of its employees

“It is an unfortunate effect of this decision that we are being parted from the best talent,” said a SFGATE spokesperson.

On Deck told TechCrunch that 73 full-time employees have been laid off. These 73 people will be provided with a payment of 8 weeks, 3 months of Medicare coverage and 3 months of “expedited option vesting”. Recruiters looking to hire any of the laid-off On Deck employees can Entry request To the list of those looking for new jobs.

“We’ll go back to our roots, and refocus On Deck exclusively around our core founders’ communities, products, and markets,” the company’s blog post read.

On Deck launched in 2019. Since then, the companies I’ve worked with have raised over $8 billion and raised more than $800 million, the spokesperson said. This rapid growth was part of the company’s decision to downsize its staff.

“Our team worked tirelessly to expand and cover a large area. However, this broad focus also caused significant tensions. What we had always expected as a strength – serving multiple user groups and building flywheels between them – also broke our focus and our brand,” the blog post read. .

On Deck also plans to split into two companies, stating that it will “transform our best professional communities into a new company, led by a small group of On Deck employees and alumni.” Other communities within the company will be dissolved.

The company’s layoffs are the latest in a series Mass layoffs That has shaken up the industry over the past few months.