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TLDR:
- Octopus Ventures, a London-based investment firm, has made layoffs affecting 8 investment staff, mostly junior investors.
- The layoffs are part of a strategy shift towards focusing on portfolio companies rather than new investments.
Octopus Ventures, a London-based investment firm, has laid off 8 employees, predominantly affecting junior investors such as associates. The layoffs are part of the fund’s strategy to refocus its attention on portfolio companies rather than making new investments. This move comes after the firm hired aggressively during COVID-19, resulting in a total investment team across all Octopus funds now totaling 41 people. The fund’s portfolio includes companies like Elliptic, Secret Escapes, ManyPets, and Peak.ai.
Separate from the layoffs, Malcolm Ferguson, who led Octopus Titan VCT, has left the fund to join London firm ETFS Capital. The spokesperson mentioned plans to reduce headcount by 8 roles, thanking everyone involved for their dedication and hard work.
The decision to adjust the team aligns with current market conditions, as VC funds are expected to struggle to retain staff amid a trickier industry prognosis. This move reflects a broader trend in the industry as funds either struggle to raise new investments or slow down their activities. Octopus Ventures serves as the venture arm of Octopus Group, which encompasses an energy business and a variety of VCT funds providing tax benefits to investors.
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