AdReady, the heavily-funded online advertising startup backed by Madrona Venture Group, Bain Capital, Khosla Ventures and others, has cut an undisclosed number of staffers.
CEO Karl Siebrecht wrote in a blog post that he made the “very tough decision” to reduce the size of the team.
“In order to stay focused on our mission in an evolving marketplace, we have to adapt and evolve with it – and sometimes that requires getting smaller in some areas to invest more in others,” wrote Siebrecht. “We said goodbye to some incredibly talented and good people today who will go on to do great things in the next chapters of their careers. I want to thank all of them, as well as our partners, customers and current AdReady team for their past, present and future support as we continue to grow our business.”
We’ve reached out to Siebrecht, a former aQuantive executive, for additional comment and we will update this post if we hear more.
This isn’t the first cutback at AdReady, with the company cutting staff amid the economic recession in 2008. At the time of the cuts, the company employed about 40 people.
Founded by former Classmates.com executive Aaron Finn in 2006, AdReady helps companies more effectively deliver and monitor display advertising.
UPDATE: AdReady’s Karl Siebrecht said that 10 people lost their jobs in the layoff, bringing total staffing down to 40 people. “The business continues to grow, and we want to make sure that we are a profitable, growing business,” said Siebrecht.
He added that the online advertising business continues to evolve, and AdReady is working hard to differentiate itself from competitors.
