More firings in the first two weeks of May than in any full month since January 2021, while more than half the companies in an internal poll of Andreessen Horowitz’s portfolio say they’re pulling back on 2022 hiring.
or the past couple of years, startup founders got used to the love they received from venture investors, who seemed to be climbing over one another to secure deals.“It just dried up overnight,” venture investor Dharmesh Thakker toldIt’s left many founders in a state of shock, said Thakker, a general partner at Battery Ventures in Boston.
Torben Friehe, a founder who participated in startup accelerator Y Combinator this past winter, says he halted plans to build out a sales and marketing team for his seed-stage startup this year, and is instead limiting headcount growth to core engineering hires. His 12-person startup Wingback, which makes tools to help companies price and package their software, currently plans to grow to 16 people instead of the 25 it targeted a couple months ago.
“There’s probably going to be an opportunity in three to six months to poach away some of those people,” Naik says. In the survey of Andreessen Horowitz-backed companies, 47% of the 58 companies at the seed, Series A or Series B stage said they planned to at least slow down hiring, compared to 59% among the 32 respondents at Series C or later.
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