Coronavirus-related layoffs hit health tech startups
With the economy in freefall amid the coronavirus pandemic, some health tech startups have started to furlough and lay off workers. The cuts underscore that not even digital health — an industry whose offerings are in high demand during the crisis — is immune to an unprecedented financial meltdown.
Diabetes coaching startup Virta Health has laid off some of its employees, primarily from its commercial organization, a company spokesperson confirmed. The company’s website says it has 200 employees, but it’s not clear how many were laid off. The buzzy San Francisco-based company, which uses digital coaching and monitoring to try to help patients reverse type 2 diabetes, was last valued at $538 million, according to PitchBook. A Virta spokesperson attributed the cuts to “the radically changed external economic environment due to Covid-19.”
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