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Security compliance unicorn Drata lays off 9% of its workforce
Drata, a security compliance automation platform that helps companies adhere to frameworks such as SOC 2 and GDPR, has laid off 9% of its workforce, amounting to 40 people.
Founded in 2020, Drata integrates with dozens of clouds, SaaS apps, developer tools, security systems, and more, helping businesses collate the necessary evidence to prove that their data privacy and security practices are in order.
While layoffs have continued to plague the tech industry in 2024, Drata reported some impressive growth metrics just seven months back. For its fiscal year 2024 (FY24), the San Diego-based company claimed 100% revenue growth year-on-year, said that it was adding “650 new customers each quarter,” and made a string of senior executive hires.
Notably, Drata also said at that time that it had increased its headcount by 52% across seven countries over the previous year, a figure that will undoubtedly have grown in the months that followed as it made its first acquisitions starting with Harmonize in April, followed by Oak9 a month later.
But growth doesn’t necessarily convert into a healthy bottom line, particularly if a company has grown too quickly. Drata alluded to “sustainable growth” in a statement to TechCrunch after we received a tip about the layoffs.
“Drata continues its 3.5 years of extraordinary growth and has refined its organizational structure, reducing its workforce by 9%,” the company said in an email sent by the company’s director of communications, Sophia Hatef. “We are incredibly grateful for the impacted employees and their contributions. This strategic move aims to enhance operational efficiency and drive sustainable growth as the company charts its course toward a potential IPO in the future.”
Drata has raised well over $300 million in funding, the bulk of which came via a $200 million investment in December 2022, which gave the company a valuation of $2 billion. Its backers include renowned institutional investors such as Iconiq Growth and Salesforce Ventures, as well as Microsoft CEO Satya Nadella and former LinkedIn CEO Jeff Weiner.