Crypto unicorn TaxBit cuts staff by 40%: The Information

Crypto tax and compliance startup TaxBit has reportedly let go of 80 employees — or nearly 40% of its staff.

The latest cuts — which follow a 15% staff reduction in December — were confirmed by The Information, which spoke to a TaxBit spokesperson and people familiar with the matter.

As The Block reported in August 2021, TaxBit hit unicorn status after raising $130 million in a Series B funding round co-led by venture firms Insight Partners and IVP. Other investors included Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Venture Group an Anthony Pompliano.

At the time of its Series B, the company said it was looking to "at least double" its team of 80 people — the same amount that was just let go.

According to The Information, employees were informed of the staff reduction on Thursday. CEO and co-founder Austin Woodward also stepped down and was replaced by former Intuit executive and TaxBit COO Lindsey Argalas on the same day.