Venture Capital/News/ Rocket Internet VC arm Global Founders Capital said to be making major staff cuts Sifted understands the cuts will primarily affect junior and operational team members By Eleanor Warnock 23 June 2022 \Venture Capital 9 European training programmes for wannabe VCs By Selin Bucak 21 February 2023 Venture Capital/News/ Rocket Internet VC arm Global Founders Capital said to be making major staff cuts Sifted understands the cuts will primarily affect junior and operational team members By Eleanor Warnock 23 June 2022 Global Founders Capital, the VC arm of German tech incubator Rocket Internet, is understood to be laying off as much as 80% of support staff given uncertainties over the investing environment amid a slowdown in tech. News of the layoffs is based on information provided to Sifted by a number of investors who have invested in GFC companies. The company has neither confirmed nor denied that it is making any staff reductions and did not reply to a request for comment. Sifted also reached out individually to numerous partners in the fund with no reply. The firm, which raised its first fund in 2013, has more than 90 employees, according to LinkedIn. The 24 investment team members listed on the website (which include just two women) are based on numerous continents and invest globally from seed to growth stage. GFC has been extremely active in the past few years; last year it was involved in 202 deals globally — 54 in Europe — according to Dealroom data. Recent European investments include Fung, Tranch and Climeworks. If the reports are confirmed, the cuts — which Sifted understands will primarily affect junior and operational team members — will be one of the first public VC casualties of the downturn in tech. VC firms on both sides of the Atlantic say they’ve slowed their investment pace and are being more conservative after a tumble in global tech stocks this year and amid concerns about lower economic growth. Investors say that more cuts in VC are likely. The making of Global Founders Capital GFC has previously backed some of the world’s biggest tech companies, including Meta, Canva and Slack, as well as big European companies like Revolut and HelloFresh. Its parent company, Rocket Internet, played a pioneering (if controversial) role in European tech, helping build successes like Zalando and Jumia — while also being criticised for building ‘copycat’ businesses. Eleanor Warnock is Sifted’s deputy editor and cohost of The Sifted Podcast (listen on Spotify or Apple). She tweets from @misssaxbys Related Articles To sell — or not to sell? By Robin Klein Click here to read more These 40+ European VCs are on the hunt for sustainability startups By Connor Bilboe Click here to read more Web Summit shocks with €850 sweater and €780 jumper By Sam Shead Click here to read more Spanish tech in review: the key moments of 2021 By Tim Smith Click here to read more Most Read 1 \Healthtech Is Daniel Ek’s new body scanner worth the hype? Sifted tried it out 2 \Venture Capital VC diversity needs to change — and white men need to take responsibility 3 \Venture Capital New €3.75bn European Investment Fund pot to back late-stage VCs 4 \Sustainability Counteract closes £15m fund for carbon removal solutions 5 \Mobility Was the $5bn that VCs plugged into escooters worth it?