After raising $150 million last month, music experiences company Pollen is laying off 150 employees

In April, music, travel and experiences company Pollen raised $150 million in a Series C round.

The company has made a number of redundancies this month, according to social media posts by former employees, which indicate the London-based company has laid off more than 150 staff in the UK and in the United States.

Founded in 2014 by brothers Callum and Liam Negus-Fancey, the company made two impressive UK hires in 2021, appointing Zeon Richards as head of hip-hop partnerships and Christine Osazuwa as chief strategy officer for Pollen Presents.

According to a post on LinkedIn, Osazuwa is one of the executives to leave the company.

MBW reached out to Pollen for a statement on the reported layoffs, and its co-founder and CEO Callum Negus-Fancey told us that, “as part of the closing of our Series C round, we have agreed to a new plan. with our investors where we will continue to deliver strong growth while bringing the business to profitability faster through greater focus and reducing our costs by 15%.”

He added that “we have gone through a thorough process and there are no more changes planned.”

Pollen runs two offerings: Pollen Presents, which curates experiences for customers through travel, music and more; and Pollen+, which partners with promoters and music festivals to offer customers who book through its platforms benefits at events.

The company says it uses data and customer insights to create experiences exclusive to its platform, and also partners with “the world’s biggest music festivals and brands” to sell their experiences.

The company has created exclusive travel experiences featuring artists like J Balvin, Justin Bieber and Duran Duran.

Pollen announced its Series C in April, having already raised over $100 million in venture capital funding.

Investors in the company include Kindred, Northzone, Sienna Capital, Backed and Draper Spirit.

“As part of the closing of our Series C funding round, we have agreed to a new plan with our investors in which we will continue to deliver strong growth while bringing the business to profitability more quickly through a greater concentration and a reduction of our costs by 15%.

Negus-Fancey, Pollen

In a statement provided to MBW, Pollen Co-Founder and CEO Callum Negus-Fancey said, “In the current macro environment, investors want to see growth-stage tech companies follow a clear path to profitability. .

“As part of the closing of our Series C funding round, we have agreed to a new plan with our investors in which we will continue to deliver strong growth while bringing the business to profitability more quickly through a greater concentration and a reduction of our costs by 15%.

“It’s not unique to Pollen. It’s a trend happening in the tech industry as companies adjust their strategies in order to adapt to these new market realities. We went through a thorough process and it no more changes planned.The music industry around the world