Truepill, a mail-order pharmacy startup, has laid off 15 percent of its workforce, its chief executive said in a letter to employees.
"For the past six years, we’ve been focused on defining a new category in healthcare and growing top-line revenue while continuing to expand our platform’s capabilities to serve the broader market," CEO Sid Viswanathan wrote June 8. "While this was the right strategy up through 2021, the markets have shifted, and we must adapt."
The company's move comes amid a wave of layoffs at health tech startups and the slowing of hiring in the tech industry overall. Truepill had been the preferred pharmacy partner of troubled digital health startup Cerebral, but stopped filling controlled substances prescriptions for the company amid claims that employees felt pressure to prescribe the drugs. Cerebral is under federal investigation.
A spokesperson declined to confirm the number of layoffs or workers at Truepill to Becker's. The company's LinkedIn page said it employs 1,001 to 5,000 people.
Truepill has raised more than $255 million, according to Crunchbase. A $142 million series D funding round in October brought its valuation at the time to $1.6 billion.
The company said the workforce changes won't cause any disruptions to account continuity or support for its clients.