Once considered one of the crown jewels of Chicago's startup scene, Cameo has reportedly been hit with a fresh round of layoffs.
The Chicago startup has laid off another 80 employees. The Information first reported the news on Tuesday.
This is the third round of layoffs for the company since it reached unicorn status during an $100 million raise in 2021.
Cameo confirmed the news to Chicago Inno on Tuesday afternoon.
"Cameo has made the difficult decision to reduce the size of our team in order to adjust to the worsening macroeconomic environment," Cameo co-founder and CEO Steven Galanis said in an emailed statement. "We believed we right-sized our business with our last reduction, but as the economic conditions continue to slow growth, Cameo will sharpen its focus with a more streamlined team. We remain confident in our mission to build a frictionless marketplace that enables talent to connect with fans and brands through the authentic, personalized experiences that first put Cameo on the map."
The startup has raised more than $160 million to-date, according to Crunchbase.
Founded in 2017, Cameo has become one of the most recognizable Chicago startups after pioneering the market for celebrity video shoutouts.
When the last round of layoffs was announced last November, Cameo founder and CEO Steven Galanis said they were made because economic conditions continued to slow growth.
Cameo's popularity first spiked during the pandemic when people had more time at home and celebrities looked for new revenue streams.
This story has been updated with a statement from Cameo.
