Ro, a digital health startup that grew rapidly in recent years, let go of 18 percent of its staff, TechCrunch reported June 23.
The company, which offers telehealth visits and prescriptions for things like sexual health and skin care, had just raised $150 million from existing funders in February, bringing its valuation to more than $7 billion. Its move follows a round of layoffs at other digital health companies amid a turbulent market for tech firms and investors.
An email from Ro leadership to staff said they were making the reduction to "manage expenses, increase the efficiency of our organization and better map our resources to our current strategy," TechCrunch reported.
"Due to our obligation to protect patient healthcare information, there will not be a transition period for those departing the company," the email said, according to the website. "We know that this will feel abrupt and hope you can find alternative ways to connect to say goodbye to your teammates."
The company didn't respond to requests from Becker's for comment.