LinkedIn has been hard lately.
I’m sure you are seeing the same thing - post after post from friends and colleagues about layoffs. While the impact has been enormous in people terms, the scale has been hard to gauge. Are we over the hump? Is the snowball still rolling downhill?
So I decided to do some research. I built a list of 200 B2B SaaS companies that:
- Had 100+ employees
- Took venture funding since 2018
- Are HQ’d in the US or Canada
I then used the amazing crowdsourced resources of layoff.fyi’s tracker and Candor’s hiring/freezing/layoff data to track which companies are still hiring, which have frozen hiring, or which have done layoffs. Here’s what I found.
Point 1: Funded B2B SaaS was hit hard
From our broader B2B tech data, we know that roughly 30% of companies laid off AEs through late April. For my VC-backed SaaS sample, that number is 41% with another 18% having frozen hiring.
Those selling into Massively Affected Industries (MAI) were the hardest hit. We define MAI as advertising, hospitality, HR & recruiting, live events, medical practices, real estate, travel, and so on.