10 startups, including ClassPass and TheWing, have begun cutting significant proportions of their workforces just this week

Associated Press

• Tech startups have not been spared from the coronavirus outbreak, which has prompted historic layoff activity
• Just this week, at least 10 startups have shaved off significant proportions of their workforce, including female co-working space The Wing and workout-subscription startup ClassPass. 
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A wave of startup layoffs prompted by the coronavirus pandemic appears to have hit almost every sector — travel companies like TripActions, child-care startup Wonderschool and electric scooter startup Bird have all been forced to lay off workers in recent weeks.

Venture-backed startups are grappling with a new economic reality brought by the coronavirus pandemic — plans to raise funding are dissolving rapidly as the threat of a recession grows. Already, funding for private companies has fallen by 12% according to CB Insights and it seems likely to dry up further.  There are also reports from founders saying investors are using the COVID-19 pandemic to renege on deals, Business Insider previously reported.

So as startups begin to draft emergency plans to conserve cash this week, job cuts across the ecosystem have ramped up further, even as the coronavirus outbreak prompts historic layoff activity across the entire US economy. 

Business Insider is tracking the layoffs and what's happening at each company. The numbers are based on our own reporting as well as media reports elsewhere. 

Coco-Cola-backed buzzy startup Iris Nova laid off 50% of its staff

Hollis Johnson/Business Insider

Source: Business Insider

Women-focused coworking space The Wing laid off almost all of its space teams and half its headquarters

Sarah Jacobs/Business Insider

Source: Fast Company

ClassPass has cut or furloughed the jobs of half of its employees

Diarmuid Greene/Sportsfile via Getty Images

Source: CNBC

See the rest of the story at Business Insider

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