Bloomberg Línea — Brazil-based Tencent wannabe Wildlife, which raised an undisclosed amount at the beginning of the year, as Bloomberg Línea has learned, is now trimming 20% of its staff to face the challenging economic scenario for tech companies given high-interest rates, people familiar with the matter told Bloomberg Línea.
Gaming startup Wildlife shows to have more than 1,100 employees, as per the company’s LinkedIn page. The Brazilian company was valued at $3 billion after a Vulcan Capital-led round in 2020. Bloomberg Línea has learned the company received an undisclosed amount in new funding this year. People familiar with the discussions told Bloomberg Línea the layoffs were not triggered by lack of cash, as the company has money enough for eight years.
Just in October, the tech industry shed 9,587 jobs, according to Challenger, Gray & Christmas, a consulting firm. One person familiar with the matter that didn’t want to be named because the discussions were private said Wildlife hired too much and bet in adjacent areas that did not yield expected returns. Now the startup aims at being a company focused on its core business and more agile.
The company reportedly said it will focus on the Studios in a Box initiative, a movement to create partnerships with small gaming studios around the world and help them to publish their own games.
In a press statement, Wildlife said it reduced the size of its team today. “We are stopping our initiatives that are not focused on mobile games so that we can increase the focus that made us successful - game development. We are grateful for the members of each team who helped us get here, and we are working to help them find new opportunities.”
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