Minneapolis mobile video messaging startup Vidku laid off between 6-8 people or approx. 20% of staff last week as part of a “refocus”, according to multiple (now former) employees.
The venture was formed in early 2015 from technology developed inside the University of Minnesota and made a big spash when serial entrepreneur turned tech investor Phil Soran led the charge on a $17m series A round as chairman.
It’s quite common for companies to hire fast and furious upon receiving venture capital; after all, scale is the general goal. Over time, a nascent product will find its fit (or not) and adjustments up or down are natural. Without speculating as to the exact circumstances at play here, Vidku cofounder & CEO Jim Leslie corroborated reports and had this to say about it:
“We have had a very successful pilot with Vidku Teams and have gained a tremendous amount of insight from these users. Based on this information, we are refocusing our efforts on our roots of learning and development for both educators and business professionals. As a result, we are restructuring the Vidku team as we move forward.”