AdReady cuts jobs, tries to extend cash |
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AdReady cuts jobs, tries to extend cash
Seattle online advertising startup AdReady has trimmed its workforce of 40 employees over the past week in an effort to extend its cash runway until 2010.
"We don't want to be raising money in '09 and that is really the idea behind this," said Chief Executive Aaron Finn. He added that the company had one of its best months ever during October, posting double digit increases in sales.
"It is the hardest thing to do to change the company when you are having the highest sales growth you've had," he said.
A tipster tells TechFlash that about 25 percent of the staff lost jobs, though AdReady Chief Executive Aaron Finn said the actual number is "south" of that figure.
Finn declined to say how many people were let go, though he said staffing levels will most likely return to the 40 person level by the end of the year. AdReady currently has about five open positions in marketing and sales.
Backed with $12 million from Khosla Ventures, Madrona Venture Group and others, AdReady's platform helps car dealers, retailers and others create and promote online display advertising campaigns. Tools also help AdReady's customers measure the performance of the online ads.
Though AdReady has won key customers with The New York Times, MSNBC and other online media players, it faces additional competition in the market for "self service" display advertisements from Google. Last month, the search giant introduced a product that is nearly identical to the one offered by AdReady.
AdReady is the latest company in the Madrona portfolio to cut staffing, following other startups such as Redfin, Mercent, Avelle and Intrepid Learning.
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