Bizongo downsizes 15% of its employees shortly after a $50M Series E funding

Despite only just announcing a $50 million funding round that elevated its valuation from $600 million to a near-unicorn valuation of $980 million in its latest funding round, e-commerce-focused packaging company Bizongo has laid off a portion of its workforce in a surprising move.

The significant workforce changes rounded up to about 15% of its employees (roughly 50 individuals), across the sales, marketing, business and strategy functions, and across hierarchies.