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Bestow offers 14% of its employees

“We are grateful for their many contributions and sad to see them go,” the CEO’s statement continued.

The Dallas Morning News reported that news of the layoffs was shared individually with each affected employee; According to the company, “It felt like the most respectful way to connect with every member of the team.” Each employee who is laid off will be given a severance package, COBRA health insurance, and access to free mental health services.

Aside from severance pay and benefits, Bestow also allows its laid-off employees to keep laptop computers and other work equipment, and provides them with an outsourcing service to help them secure new jobs.

News of the iteration comes months after Bestow announced its plans to hire up to 150 additional employees in 2022. The startup was looking to build on its strong revenue growth over the past two years, having doubled its revenue year-over-year in 2021, the Dallas newspaper said. Morning News.

According to CrunchBase, Bestow has raised more than $137.5 million in private equity financing over four funding rounds since 2017.

Read more: Al-Adel, Bestow’s partner to offer digital life insurance

In December last year, Bestow partnered with financial services firm Equitable to launch Term-in-10, a new fully digital life insurance offering. In a release, Bestow said Term-in-10 was designed for Equitable to combine digital distribution with customized support from a financial professional.

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