Convoy lays off 7% of workforce in latest tech start-up cuts

© Александр Марко

Convoy, a digital trucking platform valued at $3.8bn in April, has decided to lay off 7% of its staff, citing concerns over the future economy. The cuts equate to some 90 people, according to GeekWire. Convoy said the redundancies would “ensure we are in the strongest financial position possible ahead of the potential for worsening economic conditions”. GeekWire also reports that venture capitalists are advising tech companies to cut expenses and that the influx of money is slowing down, following record investment in start-ups. Global venture funding is expected to fall 19% this quarter over last quarter, while new funding rounds are giving lower valuations than before.