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Dapper Cuts Another 51 Jobs Following Major Restructuring in February 2023
Friday, July 14, 2023Company Profile | Follow Company
Vancouver, BC, July 14, 2023--(T-Net)--Vancouver-based Dapper Labs, the company behind CryptoKitties, NBA Top Shot, NFL All Day, UFC Strike and the Flow blockchain, announced further jobs cuts tghis week amid a downturn in demand for digital collectibles and NFT's.
Roham Gharegozlou, Founder and CEO, Dapper Labs
The company's founder and CEO Roham Gharegozlou broke the news in a tweet, announcing that the firm had let go 51 full time employees and C1 contractors this week on July 12th (some are continuing in a part time capacity).
This follows the company's earlier announcement in February 2023 that it was restructuring the company to improve their focus and efficiency, and letting go approximately 20% of its full time employees at that time.
Despite the current turmoil, the company has grown rapidly over the past three years, from $5 million in top line sales in 2020, to roughly $135 million in 2022.
"This decision was incredibly difficult because of the amazing people affected but it is necessary and theright thing to do to ensure a lean and efficient Dapper Labs. We are setting the company up to both serveour customers in a sustainable way and to innovate and push the boundaries of technology forward formany years to come."
"With this restructure we have made the business more lean, which is going to let us do the right thing for our fans and grow ourcommunities in the most healthy ways possible. Flow is also funded with a separate pool of capital, so that team also has several years of cash runway with no need to sell tokens to fund short term operations" stated the company's CEO in his tweet.
The company says it remains fully dedicated to their core communities and committed to building amazing products that push the world forward together.
About Dapper Labs
Dapper Labs, the company behind CryptoKitties, NBA Top Shot, NFL All Day, UFC Strike and the Flow blockchain, uses blockchain technology to bring NFTs and new forms of digital engagement to fans around the world, paving the way to a more open and inclusive digital world starting with games and entertainment.
Since it was founded in 2018, Dapper Labs has given consumer enthusiasts a real stake in the game by bringing them closer to the brands they love, building engaged and exciting communities for them to contribute to, and producing new pathways for them to become creators themselves.
Dapper Labs' current studio partners include the NBA, NBPA, WNBA, WNBPA, LaLiga, NFL, NFLPA, Warner Music Group, Ubisoft, Genies, and UFC.
We have raised over $600M from leading and notable investors including Andreessen Horowitz, Coatue, Union Square Ventures, Venrock, Google Ventures (GV), Samsung, and the founders of Dreamworks, Reddit, Coinbase, Zynga, and AngelList, among others.
Dapper Labs is accelerating the move to Web3 by building new apps and platforms that enable great user experiences while being accessible to hundreds of millions of fans of organizations like the NBA and NFL, for example. We're ready to empower even more to bring mainstream-ready user experiences and scale to web3 applications.
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