Seedrs lays off 15% of European workforce

UK-based crowdfunding platform Seedrs is laying off 15 percent of its European workforce. The company is closing offices in Spain and Sweden. However, the company is not withdrawing from those markets. It will still offer its services there.

The equity crowdfunding platform Seedrs was originally based in the United Kingdom, but acquired by American platform Republic in 2021. Since October last year, the combined company is the only platform on which startups can raise money in the United States, the United Kingdom and Europe simultaneously.

Closing offices in Spain and Sweden

At the time, the company announced that it wanted to focus on the Nordics, Iberia and the Netherlands. While it is not withdrawing from those markets, Seedrs is now closing its offices in Spain and Sweden.

‘Republic has recently restructured parts of its global business.’

“The startup fundraising landscape has faced challenging market conditions over the past 18 months. In response to this, Republic has recently restructured parts of its global business, including making the extremely difficult decision to reduce the total number of employees across Republic on a role-by-role basis”, said a spokesperson at Seedrs.

15 people affected

The closing of these offices means that the company is laying off 15 percent of its workforce in Europe, which will affect around 15 people. “These operating expense reductions are critical to ensuring that Republic (including Seedrs) is fit and ready to deliver on its long term ambitions, and we expect to see sustainable growth as a result of this course of action.”