Michele Romanow’s Clearco cuts 60 more employees in latest tech sector layoffs – National


Michele Romanow’s e-commerce investing company Clearco has laid off 60 employees as it hands off its international business, a month after cutting 25 per cent of its workforce.

Spokesperson Nick Rosen-Wachs says the staff impacted were located in the U.K., Ireland, Australia and Germany.

The layoffs at the “Dragons’ Den” star’s company come as Clearco announced a strategic partnership with Outfund, the U.K. and Australia’s largest e-commerce investor.

The terms of the partnership between the companies that provide founders with non-dilutive capital were not publicized, but Clearco says the agreement does not include any of its staff, technology, intellectual property, infrastructure or operations.

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Clearco says it will offer departing employees severance and a two-year window to exercise equity as it moves towards focusing entirely on its two core and largest markets, the U.S. and Canada.

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On July 29, Clearco announced it was laying off 125 employees of its 500-person workforce, saying it had grown its head count too quickly in anticipation of continued economic growth.

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At the time, the company said it was considering “strategic options” for its international operations.

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“We are confident that this is the best decision for our customers who will continue to benefit from Outfund’s revenue-based financing model without ever having to give up equity in their businesses,” Romanow said in a statement Tuesday.

“It is of course with great regret that we have had to let our international team go as part of this partnership. They are a hugely talented team and we are confident that we will be able to support them in their next steps.”

The reasoning behind the recent cuts at Clearco speak to a broader trend happening in the tech sector worldwide as exuberance around stocks has faded, inflation has soared and recession rumours have loomed.

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