Hinge Well being, a nine-year-old firm that provides a digital answer to deal with power musculoskeletal (MSK) circumstances, lower roughly 10% of its workforce on Thursday, TechCrunch has completely realized.
The corporate mentioned individuals who have been laid off labored throughout varied features; based on workers posting on LinkedIn, some have been engineers. Earlier than the layoffs, Hinge had greater than 1,700 workers, based on a LinkedIn estimate.
“As we proceed to reimagine musculoskeletal care, we’re additionally dedicated to constructing a long-term sustainable enterprise,” an organization spokesperson mentioned in a press release. “To speed up our path to profitability, velocity up choice making, and higher focus our investments, we’ve got made the choice to realign our group. We’re extremely grateful for all our departing workforce members’ contributions and are centered on supporting them by way of this transition.”
The layoffs come as the corporate prepares for an IPO and goals to achieve profitability.
The corporate didn’t touch upon the timing for its IPO, however Hinge has mentioned beforehand that it’s not underneath strain to hit the general public markets this yr because it nonetheless has $400 million of money on its stability sheet.
Hinge was final valued at $6.2 billion in October 2021 when it raised a $400 Collection E from Tiger World and Coatue Administration. The corporate has raised a complete of $828 million, based on PitchBook information.
The corporate’s foremost competitor is Basic Catalyst and Khosla Ventures-backed Sword Well being, which was final valued at $2 billion in November 2021.
