Public markets are down. The New York Nasdaq, which contains many of the most renowned U.S. tech stocks, has fallen by more than 25 percent this year. European tech companies have been hit hard, too. Year to date, Just Eat and Deliveroo have lost around 60 percent of their market cap.
In response, many of the formerly hyped high-growth companies are trying to decrease cash burn and are cutting staff. Berlin-based Gorillas, which raised nearly $1 billion only a few months ago, just recently announced it would be laying off some 300 employees. Lime announced it would lay off 13 percent of its staff.
