Veho, a package transportation company, cut off 19% of its corporate/exempt workforce, or 65 jobs. According to The Information, Veho let off workers as sales climbed nearly 90% in 2023.
“We conducted a reorganization of our corporate team to improve efficiencies, accelerate our path to profitability, and be able to invest more in areas that directly impact our clients’ needs and our growth,” the business told Eltrys.
The logistics technology startup, created in 2016 by Itamar Zur and Fred Cook, targets last-mile delivery from fulfillment centers to customers. 
In early 2022, Veho was fine. Revenue and customers increased by 40% and 20% from the previous year, respectively. Plans called for 2,000 people by 2022, up from 500.
As internet purchasing increased throughout the epidemic, venture capital was lucky. The company’s worth rose to $1.5 billion when Tiger Global Management led a $170 million Series B fundraising round.
After securing $125 million in Series A investments two months earlier, Veho became a unicorn. General Catalyst came out on top.
Veho expanded markets and hired leaders, including Eric Swanson as chief commercial officer and Brian McDevitt as chief revenue officer, in 2022 with over $300 million in venture-backed capital.
The firm entered 11 New England markets in summer 2023 and worked with Kroger, Saks, Nordstrom, Misfits Market, HelloFresh, and Nespresso. Veho claimed it has 910 corporate and warehouse staff and was hiring.
According to The Information, the corporation had issues last year despite its rise. Customer and driver support personnel were laid off and sent overseas.
His LinkedIn page says Swanson departed in March. Former Oracle sales VP Deborah Surrette joined Veho in December. The information said McDevitt quit, yet his social media pages still show he is CRO.
As freight prices rise and consolidation continues, we’ll see what happens in logistics. Veho told Eltrys that its capital situation “is very strong, and we are building on our strong momentum and record peak season in 2023.”
