North American esports and gaming organisation 100 Thieves has undergone a spherical of layoffs and inner restructuring to refocus on its core enterprise.
100 Thieves President John Robinson shared via X that the goal is to “do much less, higher”. In consequence, the organisation has spun off its power drink model Juvee and 100 Thieves Recreation Improvement studio and laid off a portion of its employees.
The North American esports and gaming organisation underwent a interval of regular development between 2020 and 2022, with the corporate making a number of massive strikes within the gaming house whereas diversifying its operations.
Nonetheless, because the state of the esports trade has modified, operating a number of high-cost ventures on the identical time has confirmed to be troublesome for the organisation. 100 Thieves has now undergone a spherical of layoffs that features its Esports Content material Lead, Andrew White, and Head of Social Technique. Micah Kulish, amongst a lot of different workers. The entire quantity of individuals laid off was not disclosed, however Robinson did share with The Verge that around 20% of its staff has been laid off.
100 Thieves raised $35m in 2019 and $60m in 2021. Talking in a press launch concerning the 2021 funding, Matthew ‘Nadeshot’ Haag, the Founder and CEO of 100 Thieves, stated: “100 Thieves now has the capital to launch and purchase new firms that I do know our group will love.”
The corporate’s President and COO John Robinson took to X to clarify the state of affairs, stating that the expansion of the 100 Thieves enterprise merely didn’t maintain tempo with the expansion of the organisation, and the corporate merely “can not afford as massive of an organisation as earlier than.”
In consequence, each the Juvee and Recreation Dev sections of 100 Thieves will develop into impartial separate firms. It’s unclear what the long run can have in retailer for these two ventures, however they’ll proceed working as impartial entities sooner or later.
Robinson shared the next on X, concluding his ideas on the matter: “We don’t have all of the solutions at this time, that is only the start of a brand new chapter. However these adjustments will assist 100 Thieves develop into a more healthy firm and be sure that we’re focusing our cash and a focus on a very powerful a part of our enterprise – the core.”
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