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VC Firm, NFX, Lays Off Employees, Aims to Hire More Investors
NFX Lays Off Employees: NFX, a venture capital firm, has laid off four employees in September, as the firm looks to “rebalance” its resources from its software and product teams to its investing team, general partner Pete Flint told TechCrunch.
The layoffs included one product leader and three engineers, Flint said. About a week ago, Amy Lin, chief product officer since 2017, announced she had departed the firm on LinkedIn.
NFX Lays Off Employees Due To AI Positive Usage
NFX built and runs its internal software to find and evaluate companies, but, Flint said, the firm has recently found that it can use AI to do the same level of output with fewer people.
Flint said the firm’s product and engineering teams remain large and that the firm’s investing team wasn’t affected.
The firm plans to use the freed-up resources from the layoffs to double down on its investing team.
Flint said NFX is looking to hire new folks for the investment team in both San Francisco and Israel.
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The Lay Off Opens Up More Resources For Redirection
NFX also promoted multiple members of its current team. In July, the firm promoted Sarai Bronfeld from principal to partner. Bronfeld has been with NFX since 2021 and is based in Tel Aviv.
The firm also promoted Daniel Museles to principal. Museles joined the firm as an associate in 2022 and is based in San Francisco.
Flint said that the firm may end up with more people on the overall NFX team than it had before the rebalance.
“That’s the focus for us, the investment team, which has worked well,” Flint said. “We will still do software and products. We have had great success. The investment team is going to increase 20%, that’s the focus for us.”
NFX is not the only venture firm that has restructured resources and let go of staff. Just last week, Initialized Capital announced it was trimming multiple partners and investment support staff. TechCrunch estimated Initialized reduced its staff by 36%. Greycroft laid off five investors last fall. Sequoia Capital cut a third of its platform team in 2023.
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