Rakuten and Honey, which sit on consumers’ browsers to scour the internet to show related deals, have grown into massive companies. Finally, Groupon said that it will “rationalize” its real estate footprint to be more in line with hybrid work.Ĭoupon-finding Groupon has grown to have steep e-commerce competition since its founding in 2011. In a letter to staff, Deshpande said that Groupon is reducing its North America sales teams to focus on “self-service merchant acquisition capabilities.” It is also re-organizing the company to focus “only on mission-critical activities and leaning on more external support.” “In addition, we are proposing to reduce cloud infrastructure and support functions as we wrap up cloud migrations.” Groupon is also closing its Australia Goods business, more than a decade after launching there in the first place. The chief executive says that the layoffs, as well as a reinvestment in marketing and initiatives that drive customer purchase frequency, will set the company up to generate positive cash flow by the end of 2022. “Our overall business performance is not at the levels we anticipated and we are taking decisive actions to improve our trajectory,” CEO Kedar Deshpande said in a statement provided to TechCrunch. Groupon confirmed the layoffs to TechCrunch after the publication of the story. The reduction impacted workers in teams including merchant development, sales, recruiting, engineering, product and marketing. Chicago-based Groupon today laid off more than 500 of its employees - 15% of its 3,416-person headcount - according to posts from former employees on social media.
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The Company’s solutions are targeted principally three customer segments: Dropbox’s most recent round of funding had the Company valued at around $10 billion.īusiness model of Dropbox Customer Segmentsĭropbox offers cloud storage solutions and file-sharing solutions to a range of customers, including general consumers and commercial entities. The Company is frequently named as potential candidate for an initial public offering, although as yet no listing has been confirmed. In just under ten years, Dropbox has developed into a leading cloud storage and file-sharing company, boasting 500 million users, and 200,000 business customers, including high-profile companies such as Yahoo, Spotify, and National Geographic. The Company has, to date, raised a total of more than $607 million in investor funding, including investments from Accel Partners, Goldman Sachs, Salesforce Ventures, and QueensBridge Venture Partners. The Company soon attracted formal investor funding, completing its Series A round in 2008, raising $6million. Houston and Ferdowsi began working on a public version of the Dropbox platform, using seed capital provided by Amidzad Partners, Sequoia Capital, and Signatures Capital, among others. Houston soon realized, however, that this platform could benefit others with similar problems. Houston found that other online solutions available at the time suffered from internet latency and bugs, or had inaccessible user interfaces, and so decided to develop his own for his personal use. The concept behind the Company was reportedly developed as a solution to Houston’s difficulty in remembering to bring his USB flash drive to classes. Historyĭropbox was founded in 2007 by former Massachusetts Institute of Technology students Drew Houston (“Houston”) and Arash Ferdowsi (“Ferdowsi”). Dropbox provides cloud storage and file-sharing solutions to individual and commercial customers, with a view to providing its customers with greater efficiency in group projects, and more ready access to key files. |