Venture firm Anthemis Group recently completed restructuring efforts that led to the termination of 16 employees, or 28% of its staff earlier this year. Anthemis, which focuses on fintech investments, emphasized that the move was in response to current market conditions and to better position the business for future growth.
Although layoffs are common in many industries, the scale of Anthemis’ layoffs is quite unusual in the venture capital space. With $1.5 billion in assets under management and a portfolio of fintech portfolio companies, including Betterment and CurrencyCloud, Anthemis is one of the most prominent firms in the sector.
Despite the layoffs, Anthemis is still moving forward with its mission and has made two new hires to back up its operations. Today, the firm has 44 employees spread across its European and North American offices, continuing to invest in the innovative financial technology space.
Founded in 2010, Anthemis has been ahead of the curve in terms of identifying emerging fintech trends. The company’s success in recognizing and investing in up-and-coming companies has seen it raise $700 million across several funds. This included its $125 Million Venture Fund III, aimed at investing in businesses that help to address the challenges posed by the pandemic.
Anthemis believes it is well-positioned to capitalize on the surge in interest in fintech as a result of the pandemic. The pandemic has seen many traditional financial services firms struggle to keep up with changing consumer preferences and a shift towards digital solutions.
The Anthemis team has highlighted its continued focus on sustaining its ability to identify and invest in promising businesses, working alongside partners to support its mission.
The firm recognizes the criticality of being able to adapt to changing circumstances and to set itself up for future growth. In light of this, Anthemis spent months evaluating its existing divisions and ensuring that all components of the business were properly aligned towards growth.
As part of this process, Anthemis restructured its talent approach, which saw the organization trim down its employee numbers. The move has been described as a challenging but necessary decision to ensure that the firm is well-positioned to take advantage of new opportunities in the burgeoning fintech space.
Anthemis has been at the forefront of investing in the fintech sector since its inception in 2010. As a result, it has cultivated a reputation for delivering value to investors, as well as passionate support for portfolio businesses.
Overall, Anthemis’ restructuring efforts reflect the challenges that the venture capital industry must navigate during these unprecedented times. Unpredictable market conditions and a shifting economic climate have tested patience business owners and investors, forcing them to adapt and make difficult decisions.
With a talent strategy now successfully repositioned, Anthemis is well-placed to continue its successful track record of supporting businesses that create value in today’s rapidly evolving financial technology landscape.