Kolysh cited the economic downturn as the reason for the layoffs. “Q1 was a record quarter for Dover— we grew more than we ever had, both in dollars and percentage terms. We hired with the expectation that we could maintain that growth curve, and if not for the recent market downturn and hiring freezes, I think we could have. Unfortunately, we, like everyone, are not immune to the condition in the world.”
The Dover layoffs are just one example of the many tech layoffs that have occurred in recent months. Startups and tech companies have been hit hard by the economic downturn, with many forced to downsize their staff in order to stay afloat.
While the Dover downsizing is certainly not good news, it’s important to remember that layoffs are a reality of the business world — and they can happen to even the most successful companies. If you’re facing a layoff, know that you’re not alone and that there are resources available to help you through this tough time.
Dover raised a $22.8 million Series A round that included Tiger Global, Founders Fund, and Abstract Ventures among its investors. The Series A round was led by Tiger Global, with other participants including Founders Fund and Y Combinator. Dover was part of YC’s Summer 2019 class (which debuted in August 2020), and Founders Fund headed the seed round for Dover in December 2019. Dover had a $15 million seed round that included Abstract Ventures, Founders Fund, and Tiger Global as investors.
Recruiting for Dover’s engineering team has been put on hold since the layoffs. Dover had been growing its engineering team prior to the layoffs, with plans to add more engineers in the future.