The corporate-purpose software provider is “overbuilt for current market conditions,” wrote CEO Kelly Schmitt Wednesday as the company announced it was laying off 137 people. (The Logic)

Talking point: Benevity is a certified B Corporation that provides companies with a platform for their staff to find volunteer opportunities, fundraise and take other social action. It reached a US$1 billion valuation in December 2020 after British private equity firm Hg Capital bought a majority stake in it. A few months later, it received strategic minority investments from The Rise Fund and Generation Investment Management to help it grow. Schmitt said Benevity has been run with growth in mind and that it had added “significantly” to its team to meet demand, which has slowed over the past nine months. The layoffs come in the same week as Hootsuite and Clearco laid off staff and appointed new CEOs, and Lightspeed announced a 10 per cent staff reduction.