: VC firm Backstage Capital cuts workforce, stops new investments #IndiaNEWS #Business San Francisco, June 27 | Venture capital firm Backstage Capital has downsized its staff as it struggles to grow

VC firm Backstage Capital cuts workforce, stops new investments #IndiaNEWS #Business
San Francisco, June 27 | Venture capital firm Backstage Capital has downsized its staff as it struggles to grow in these challenging times.
The company is now down to three people from the earlier 12, managing partner and founder Arlan Hamilton said during a podcast on Sunday.
The layoff came after Backstage Capital narrowed its investment strategy to only participate in follow-on rounds of existing portfolios, reports TechCrunch.
Its not that I feel like theres any sort of failure on the fund side, on the firms side, on Backstages side, its that this could have been avoided if systems were different, if the system we work within were different, Hamilton said during the podcast.
She said that there will be people who take this negatively or will take this as us not being active, and it is anything but.
The changes have taken a toll; its been a depressing, deflating time.
However, Hamilton said that she still plans to grow Backstages assets under management to over 0 million, according to the report.
Los Angeles-based Backstage Capital has invested in nearly 200 companies led by underrepresented founders.
As VC money disappears amid economic slowdown, tech startups have laid off over 20,000 employees the world over since April, while more than 10,000 employees have lost jobs at the Indian startups led by edtech platforms.
Source: IANS

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