VarageSale Suffers Substantial Layoffs as Startup Celebrates Fourth Birthday

Today VarageSale turned four years old, but it’s not all parties and celebrations at the Toronto startup.

According to one of our sources, the Canadian company just laid off approximately 30 people, which is roughly one-third of the company’s total workforce.

The layoffs affected multiple departments as well as high-level executives, according to someone familiar with the matter.

Last year VarageSale raised $34 million in venture capital after being named 2014’s Startup of the Year.

Considering the current financing environment, it looks like VarageSale is being prudent, hunkering down, and extending their runway.

If you’re hiring in Toronto, today would be a great day to fire up your LinkedIn account and see who has changed their employment status.