SirionLabs to lay off 15% staff after raising $25 million in funding
SirionLabs, a startup based in the United States with over 900 employees as listed on its LinkedIn page, has recently terminated approximately 15% of its entire workforce. The layoffs occurred just 15 days after the startup secured $25 million in funding.
According to a report by Inc42 citing an anonymous source, Ajay Agrawal, the Co-founder and CEO of the contract management startup, notified employees via email on January 17th of the company's decision to reduce its workforce by 15% across all locations.
With investments from Sequoia Capital and Tiger Global, SirionLabs has established itself in several countries including the US, the UK, France, Australia, India, Singapore, and Germany.
SirionLabs secured $25 million in its Series D funding round three weeks ago, which was led by Brookfield Growth and brought the total funding to $110 million. In the previous year, the startup had raised $85 million with Partners Group as the lead investor.
Since its establishment in 2012, SirionLabs has raised approximately $170 million in funding. The startup was founded by Ajay Agrawal, Kanti Prabha, and Clauded Marais, and offers smart contract management solutions that include contract extraction, authoring, obligation management, and collaboration.
The company has a broad clientele across 70 countries, with more than 250 clients, and it manages five million contracts worth $450 billion.