Toronto-based business-to-business software company Loopio laid off 12 percent of its team in March after reexamining its “long-term priorities.”
The job cuts were first identified by local employment law firm Samfiru Tumarkin earlier this month, and have since been confirmed by BetaKit.
In an email to BetaKit, a Loopio spokesperson said that the company made the decision to restructure parts of the organization “after careful consideration.” The spokesperson said the company’s headcount now sits at 260, which indicates that about 36 employees were affected by the cuts.
The company’s headcount now sits at 260, indicating that about 36 employees lost their jobs.
“This change reflects the evolving needs of the business and follows a review of the company’s market conditions and long-term priorities,” the spokesperson told BetaKit. “The restructuring is intended to better align the organization with areas that will have the greatest impact on product development, customer experience, and sustainable growth.”
Loopio sells software to businesses that bid for contracts from other organizations, including larger enterprises and governments. The company’s product helps businesses simplify and automate the work that goes into those requests-for-proposal (RFP) documents.
Since its launch in 2014, Loopio has become an RFP market leader. According to its website, the firm’s clients now include more than 1,700 global companies, including Barclays, Cisco, Goldman Sachs, Lenovo, Siemens, and Slack.
RELATED: How Loopio went from bootstrapped startup to RFP leader
Loopio bootstrapped from 2014 until 2018, when it closed a $9-million USD Series A round led by Boston-based Openview. During an early COVID-19 pandemic slowdown in 2020, the company laid off eight percent of its workforce, and in 2021, Loopio closed a $200-million USD strategic investment from Silicon Valley’s Sumeru Equity Partners and Affiliates to accelerate its growth in the RFP software market.
Since then, Loopio has made its first acquisition, buying United Kingdom-based RFP response tech company Avnio, and multiple rounds of layoffs, shedding nine percent of its team in 2023 and six percent of staff in 2024, citing significant changes in the software industry and a desire to focus more on product innovation for the latter workforce reduction.
Amid concerns of AI disruption, software company valuations have plunged in recent months.
For its part, Loopio has been working to embed AI within its platform, including to help customers craft stronger RFP responses.
With files from Madison McLauchlan.