Rapid (previously known as RapidAPI), a startup that built out an API marketplace valued at $1 billion last year, is cutting 50% of its staff TechCrunch has learned.
According to an email to employees from CEO Marc Friend viewed by TechCrunch, the move is part of “a significant restructuring” in an effort to “right-size the company.”
In the email, Friend said that Rapid tried “to compete on too many fronts” as a product company.
He added: “We have grown large as an organization and often sacrificed agility. Moving forward, we will be disciplined on our product focus and ruthless about customer success.” Friend only last week took over the role of chief executive of the company. CEO and founder Iddo Gino is now a technical advisor, per a company announcement.
The layoffs are believed to have impacted 115 people and are hitting workers across Europe, Tel Aviv and San Francisco, according to a source familiar with internal happenings …
