Blinker, a startup company out of Denver, has their own app which let's consumers buy, sell, and finance cars has started to run into some trouble.
Blinker Co-Founder and CEO Rod Buscher said that the company laid off approximately 20 employees in March in an effort to reduce expenses before raising another round of funding.
“We just cut our burn (rate) while we were going through this capital raise,” Buscher said. “Over the next year, we expect our workforce to be larger than it was before we made the cuts. Based on our new partnerships, we could be in excess of 100 (employees).”
Buscher said the startup was at approximately 55 employees this January before he went out to raise money and decided to reduce the startup’s operations.
He said the layoffs extended across all the company’s departments, including marketing, engineering and product development. A reporter’s review of former Blinker employees on LinkedIn found at least 24 stopped working at the company in March.
“We had to make adjustments while we went through it, but some of these people will be eligible to be rehired,” he said. “We did what we had to do.”
Buscher declined to comment on how much money Blinker has raised from investors. In 2016, the company was named a “Denver Gazelle” by the Denver Office of Economic Development for being one of the city’s fastest-growing companies. At the time, the startup had raised $35 million in funding, according to a city news release.
Buscher and Tony Wilbert co-founded Blinker in 2013. Buscher previously worked at John Elway Dealerships in Denver. Wilbert left the company in 2016.
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