The company’s boss, David Koh, said the company, which has now cut around 90 people from its 400-strong workforce, was “not immune” to the economic climate. “In building our strategic and financial plan, we reviewed the investment thesis behind each project and it became clear that we needed to make changes,” he said in a memo to staff. “I can assure you that this was not an easy decision, but it is especially difficult for a company like ours, whose mission is focused on mental health and wellness in the workplace.” Founded in 2012, the Calm app offers guided meditation and bedtime stories for people of all ages. It received a wave of downloads caused by the 2020 Covid lockdowns. By the end of that year, the software company said the app had been downloaded more than 100 million times worldwide and had amassed over 4 million paying subscribers. Investors valued the company, which it said had been profitable since 2016, at $2 billion. In the memo, Ko continued, “We did not come to this decision lightly, but we are confident that these changes will help us prioritize the future, focus on growth and become a more efficient organization.” More than 500 startups have laid off staff this year, according to layoffs.fyi, a website that tracks such announcements.
