Thinkific quietly laid off a few more staff last week, according to a source familiar with the company.
The Vancouver-based tech company enables users to create and market online courses. Profitable in 2018, the startup benefitted from a Pandemic-driven boost in online activity, raising $22 million in 2020 to continue shaping the future of online courses.
By early 2021, Thinkific was preparing to go public. Shares opened at $13.5, spiking above $19 and placing the company squarely in unicorn status.
Today, however, shares hover below $2.
Down 85% in one year, Thinkific’s stock plummet partially reflects a broader market downturn which has resulted in most investors seeing red—and Canadian tech shedding talent en masse for the first time in several years. The Covid-fuelled digital economy boom was overestimated by many Canadian tech veterans, including the heads of Shopify in Ottawa and Article in Vancouver, spurring much of this year’s layoff drama as the “new normal” failed to pan out.
After peaking at 500 employees in early 2022, Thinkific laid off 100 of its own in March, marking the company’s first round of layoffs.
“Everyone at Thinkific has played a role in the success we’ve had to date, and we are immensely grateful for their contributions,” stated chief executive officer Greg Smith at the time. “Our product-led growth strategy remains unchanged … our business performance is on track.”
Thinkific did however lay off more than a dozen staff members last week, a member of the organization informed Techcouver. A majority of terminated positions were in marketing-related roles.
Still, the company continues pushing forward. Thinkific recently launched Communities, a new learning product “to supercharge how creators engage with, monetize, and retain their audience.”
The company also appointed Steve Krenzer to the role of President. Krenzer believes the BC company “has a differentiated market position” and possesses passion and strong culture required for a rebound.
“Our near term outlook for the business remains unchanged, and we continue to see growth in the knowledge economy,” Smith said in September. “At the same time, we are constantly looking for opportunities to improve, drive execution and ensure our company is well positioned for growth.”
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