Smith & Tinker cuts staff |
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Mass High Tech
Smith & Tinker cuts staff
Just four months after a high-profile launch of its new Nanovor game, Smith & Tinker has cut a substantial portion of its staff. The Bellevue toy and online game company wouldn't disclose the number of staff cuts in a statement issued today, but VentureBeat reports that 30 percent of staffers lost their jobs.
Earlier this year, Smith & Tinker -- led by video game veteran Jordan Weisman -- employed 45 people. In today's statement, the company said that the staff cuts were "needed to bring our organization to a healthy operational size for the remainder of this year and 2010."
Smith & Tinker -- which operated in secrecy for its first two years -- is rolling out an aggressive platform that combines elements of traditional toys with online games and virtual worlds. Earlier this year, Smith & Tinker co-founder and president Joe Lawandus told TechFlash that they plan to spend $4 million by the end of this year to advertise Nanovor-- the new online battle game that also incorporates a $49.99 physical toy known as a Nanoscope.
The company is well-funded. Last August, it announced $29 million in venture capital financing from DCM, Vulcan Ventures, Foundry Group and others. Some of that money had come in prior to the most recent announcement, so it is unclear just how much capital Smith & Tinker still has in the bank.
Here's the full statement from the company.
"Smith & Tinker can confirm that unfortunately company layoffs were conducted this week. As many startups do, we staffed aggressively early on to meet deadlines for launching our product online and at retail this year. These layoffs are needed to bring our organization to a healthy operational size for the remainder of this year and 2010. Nanovor has been recognized by FunFare and Dr. Toy as a hot toy for 2009 and has seen strong consumer adoption to date; the company continues to receive solid support from our board. Employees leaving the company will receive severance packages."
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