Highspot is trimming headcount again.
The Seattle-based sales software company confirmed that it laid off 15% of its workforce. The latest layoffs, which affect around 140 employees, follow a separate 10% cut in February.
In a statement, Highspot CEO Robert Wahbe said the cuts will accelerate the company’s path to profitability.
“As we look ahead, sales enablement budgets are predicted to increase by at least 50% in the next two years and we are the technology leader in the category,” he said in a statement. “Today’s changes position us to invest in growth areas such as product and engineering including generative AI — and build a profitable company that delights our customers worldwide.”
Thousands of tech companies have slashed headcount this year amid economic uncertainty, following a period of huge growth during the pandemic.
Highspot raised $250 million last year at a $3.5 billion valuation. Its total funding to date is $650 million.
Wahbe said the company is “well capitalized” and expects to be cash flow positive next year.
The company ranks No. 6 on the GeekWire 200, our ranking of top Pacific Northwest startups.
Wahbe founded the company in 2011 with former colleagues Oliver Sharp and David Wortendyke. It sells enterprise software to help make salespeople more efficient, equipping them with technology to improve how they have conversations with prospective buyers, among other features. Customers include giants such as DocuSign, Workday, Siemens, Adobe, and others.
Highspot backers include B Capital Group; D1 Capital Partners; ICONIQ Growth; Madrona Venture Group; Salesforce Ventures; Sapphire Ventures; and Tiger Global Management.
