Fruugo Lays Off 40% Of Its Employees
On Monday Fruugo, a Finnish startup that in 2008 burned through € 14.5 million, laid off roughly 20 of their 50 employees, which equals to 40% of their whole work force. Fruugo CEO, Juha Usva, confirmed the news to me yesterday evening.
When I asked how much money Fruugo still has in the bank and how long will it last, Usva emphasized that 'the situation is tight'. According to some this means that Fruugo won't have enough money to pay their employees' monthly salary due on the 15th. Whether that's true or not, the financial situation of the company is clearly critical.
