Following layoffs, Sensibill secures $5 million in debt financing

May 22 19:05 2020 Print This Article

Many Canadian startups have faced challenges of late due to the economic impacts of COVID-19. Receipt management app Sensibill is one such startup, dealing with both restructuring and growth opportunities during the pandemic.

Sensbill acknowledged that the restructuring plan was made “in the wake of COVID-19”

Sensibill has laid off a significant number of employees, BetaKit has learned. A source speaking with BetaKit said the layoffs took place on April 1 and represent approximately one-fifth of the company’s overall workforce, or 17 employees. Postings on the company’s Glassdoor page put the number at 18.

At the time, Sensibill declined to confirm with BetaKit the exact number of employees laid off. “Like many businesses, we’ve had to make some tough calls in recent weeks. In the wake of COVID-19, Sensibill announced a restructuring plan in April,” the company told BetaKit in a statement.

Read More

About Article Author

Betakit

BetaKit is a new publication dedicated to providing original, real-time reporting and analysis of emerging technology news and global innovation. Built by the team behind Sprouter.com, BetaKit draws upon an established community of over 80,000 emerging technology founders who are building the next big thing.

Related Items

The state of COVID-19 testing

In these unprecedented times, we know that controlling the spread of novel coronavirus requires social distancing and testing. While all of us are doing our parts to stay at home, there’s a lot of confusion, chaos and frustration surrounding coronavirus testing in the US.  Before going further, ...

Security tips for work from home

With many companies moving to work from home (WFH) over the past few weeks, our portfolio company Kobalt (which provides security as a service for small-and mid-sized companies) has been getting a lot of calls from organizations that have had suffered incidents related to remote work. This is not o ...

Version One quarterly news and COVID-19 response

This has been the longest quarter ever. Early January seems like an eternity ago. Countries, communities and households have been turned upside down.  This time of year, we normally provide a portfolio update that highlights the various product launches, accolades and funding announcements from th ...

Lightspeed sees record uptake amid COVID-19 despite concerns over reduced demand

Montreal-based Lightspeed POS has released its financial results for the fiscal fourth quarter and full fiscal year, both ending March 31, 2020. All figures reported are in US dollars. Lightspeed’s total revenue grew 70 percent to $36.3 million in Q4 and grew 56 percent to $120.6 million in the f ...

The API-as-a-marketplace

As we’ve been spending time on B2B marketplaces and dev tools/platforms, we’ve come to realize that there’s an interesting sub-category that combines elements of both: the API-as-a-marketplace. What is an API-as-a-marketplace? Just like a traditional marketplace, an API-as-a-marketplace has t ...

Episode 118: The Business Case for Deep Fakes with Descript’s Kundan Kumar

Deep Fakes are incredibly realistic impersonations that blur the line between truth and fiction. So what happens when the tech to make them is available to everyone? We’re about to find out. Kundan Kumar is our guest on this episode of the Georgian Impact Podcast. He is co-founder of Lyrebird AI, ...

Market Update: Investors Optimistic as Global Economies Reopen

The quickest bear market in the history of the US S&P 500 turned into the best 50-day bull market rally in history in May. By market close on June 3, 2020, the S&P 500 Index was up 37.7% from its March 23, 2020 low. This bullish investor sentiment has been based on the continued decline in new coro ...

“E” vs “SG” in ethical investing: how sustainable is mollification-by-cherrypicking

In the great game of whack-a-mole that is capital raising in Canada’s oil patch, it must be frustrating, for those whose full-time job when there isn’t a global pandemic is whacking the moles of ESG criteria on which they feel their companies may be vulnerable to criticism and hence subject to ...

A deep retrofit of homes and buildings is the megaproject Canada needs

Ramping down carbon emissions from homes and buildings can help us rebuild Canada’s economy after the pandemic. ...

Rebuilding Canada’s economy includes energy resiliency in remote communities (blog)

This is the moment to create a roadmap for a society that is more resilient to these macro shocks – whether they are brought about by a pandemic or climate change. Canada’s response must support a more resilient, healthier economy that is competitive and shows economic strength in a decarbonize ...