In today’s internal memo, Liu re-emphasized that Airtable is well capitalized, but slightly shifted in tone by adding that “being a lean organization becomes doubly important in times of economic uncertainty.” A spokesperson added that all of Airtable’s funds from its Series F are “still intact.”
“We’re a private company, so we’re not under the gun to show short-term results of profitability - so we’re very, very fortunate to not be under so much pressure and we would never gloat about that, but I do think it gives us a unique position. “We have more than enough runway to get to profitability and then some,” Liu said in an interview with TechCrunch.
Then, the entrepreneur pointed to its $735 million Series F round from 2021 as a fortunate reason that Airtable has been able to stay well-capitalized amid the downturn. The vision was part of the reason that TechCrunch spoke to Liu in October, as Airtable announced its more integrated, connected-apps approach. “However, in taking a hard look at our efforts in the current market environment, we’ve identified the teams best positioned to capture the opportunity in enterprise in order to bring complete focus, alignment and accountability in our execution.” At the time, I believed we could successfully pursue all of them in parallel,” Liu wrote in the email. “We’ve rapidly expanded and executed on multiple fronts. In an e-mail obtained by TechCrunch, and first seen by tracker Layoffs.fyi, Airtable founder and CEO Howie Liu said the company will be evolving from a bottoms-up adopted product to a company that brings connected apps to larger enterprises. Employees were given the opportunity to meet 1:1 with a leader at the company, following the news. Those impacted by Airtable’s layoffs today will get at least 16 weeks of severance pay, accelerated equity vesting and, for those on a visa, support from an immigration counsel, sources say. Airtable’s chief revenue officer, chief people officer and chief product officer have all parted ways with the company, effective today, a spokesperson confirmed to TechCrunch.)
(Update: The layoff was announced internally alongside an executive departure. The company spokesperson says that Airtable is continuing to hire for “strategically important” roles, and that 20% of the staff was impacted today. Last valued at $11 billion, the no-code leader has conducted a round of layoffs today that impact around 254 employees across business development, engineering and other teams. Now, Airtable’s employees are facing the same feeling. Airtable chief revenue officer, chief people officer and chief product officer are out
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