EdTech company Codefinity from the Genesis ecosystem has laid off about 35 employees, which is more than half of its staff.
EdTech company Codefinity from the Genesis ecosystem has laid off about 35 employees, which is more than half of its staff.
As Economic Truth reports, citing sources familiar with the situation, the cuts took place last week.
The layoffs affected both technical and non-technical specialists, and the company itself did not provide an official explanation for this.
Among the reasons for the cuts, EP sources cite the deterioration of the company’s financial situation after problems with advertising accounts on Meta platforms. After all, it was through them that Genesis ecosystem businesses attracted new users to their products.
According to EP sources in the ecosystem, after the US Federal Trade Commission filed a lawsuit against a number of Genesis-related companies, Meta began restricting access to advertising accounts not only for products mentioned in the materials of the American regulator, but also for related businesses.
Thus, the restrictions also affected other businesses «under the Genesis umbrella», including Codefinity.
Codefinity was founded in 2020. Its product is an online platform for learning programming. The service offers courses in Python, SQL, R, C++, and JavaScript, among other things.
As dev.ua reported, Meta has blocked the accounts of several companies from the Genesis ecosystem. At the same time, OBRIO, a product company from the Genesis orbit , has laid off 43 employees, or approximately 13% of their total number.
In turn, the product IT company Wisey, part of Universe Group, announced a change in business model and a further reduction in the team from 18 to 3 employees. After the US Federal Trade Commission filed a lawsuit against Genesis over «deceptive subscription schemes,» questions arose about the services of Nebula, Wisey, Lumi, Harna and other products.
