Swedish Unicorn Kry Lays Off 10% of Staff Amid Tougher Market for IPOs
- Digital doctor app said it would cut 10% of its workforce
- Private firms close to listing need to show profit earlier
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Online health-care provider Kry International AB, valued at $2 billion last year, has slashed 10% of its 1,000-strong workforce as part of a cost-cutting program aimed at placating investors including CPP Investments and Fidelity Management & Research.
“We need to respond to the market dynamics and we have to be conservative with our capital, and prove this to investors, partners and patients,” Kry’s co-founder and chief executive officer Johannes Schildt said in a statement.