Policygenius lays off 25% of its workforce

Policygenius, an insurtech platform, has laid off 25% of its workers less than three months after financing $125 million. Jamisson Buck, a Policygenius life insurance agent, said on LinkedIn late Thursday that the company had made the "very difficult decision to let off 25% of its personnel."

"I unfortunately was part of that layoff. I want to thank the entire team for the last 19 months. It's now time to search for the next opportunity," wrote Buck.

According to sources, approximately 170 employees are affected. Jennifer Fitzgerald, CEO and co-founder of Policygenius, told TechCrunch that the unexpected and severe shift in the economy has "forced us to adapt our strategy."

"After careful consideration, we announced the difficult and necessary decision to reduce the size of our workforce. With these changes, we remain confident in the future of our company, our continued innovation, and the excellent service we continue to provide our customers every day," she was quoted as saying.

Policygenius stated during its Series E investment round in March that it's home and car insurance business had "expanded dramatically," with new written premiums increasing "more than 6x from 2019 to 2021."