Seattle-based startup Flexe has laid off 99 workers, about 38% of its workforce, according to a filing in Washington state.
Officials for the on-demand logistics and warehousing firm said the layoffs were due to “ongoing market volatility in the logistics industry driven by continued macroeconomic uncertainty. While we have a very strong cash position, it is important that we preserve our ability to continue investing in the business,” according to the Puget Sound Business Journal.
Flexe officials did not immediately return a request for comment from FreightWaves.
Founded in 2013, Flexe provides technology, logistics, warehousing, transportation and fulfillment services for both online and brick-and-mortar retailers. Flexe’s customers include Ace Hardware, BJ’s Wholesale Club, Ralph Lauren, Staples and Walmart.
The latest round of layoffs is the company’s third in the last two years. In September, Flexe laid off 33% of its workforce.
In July 2022, Flexe also laid off an unspecified number of employees in its recruiting department, according to Seattle Inno. That same month, Flexe reached a $1 billion valuation after securing a $119 million Series D funding round.
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