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Hinge Well being, a nine-year-old firm that provides a digital answer to deal with power musculoskeletal (MSK) situations, lower roughly 10% of its workforce on Thursday, TechCrunch has solely discovered.
The corporate mentioned individuals who had been laid off labored throughout numerous capabilities; in response to workers posting on LinkedIn, some had been engineers. Earlier than the layoffs, Hinge had greater than 1,700 workers, in response to 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 an announcement. “To speed up our path to profitability, velocity up resolution making, and higher focus our investments, we have now made the choice to realign our group. We’re extremely grateful for all our departing workforce members’ contributions and are targeted on supporting them by means 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 stress to hit the general public markets this yr because it nonetheless has $400 million of money on its steadiness 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, in response to PitchBook knowledge.
The corporate’s fundamental competitor is Basic Catalyst and Khosla Ventures-backed Sword Well being, which was final valued at $2 billion in November 2021.
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