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Portland marketing technology startup Opal lays off 20 amid coronavirus outbreak – OregonLive


The economic shutdown trigged by the coronavirus is having a profound effect on young Portland tech companies, which often operate with the barest financial reserves as they aim to create new businesses out of newly developed technologies.

Marketing technology Opal laid off 20 employees Friday, the first of the city’s startups to disclose job cuts related to the pandemic.

“We left 2019 and began 2020 with a focus on profitability and efficiency. We expect that the changes we implemented today will allow us to operate at a break-even level, even with the impact of COVID-19 on 2020 revenues,” CEO Steve Giannini said in an email.

Founded in 2010, Opal has raised more than $22 million in funding. Giannini did not say how many employees remain after the cuts but said the company is “financially sound” and believes it has the resources to manage its future and potentially pursue small acquisitions.

Other Oregon startups, especially young companies, have indicated privately that the economic catastrophe afflicting many industries is taking a severe toll on their businesses. There are sure to be more cuts in the coming weeks. (Portland-based Jama Software laid off a dozen earlier this week but said the cuts were part of an annual reorganization unrelated to the coronavirus outbreak.)

Oregon shed an extraordinary 76,000 jobs last week as businesses hunkered down to restrain the spread of the virus. The biggest cuts have come in the hospitality sector, with bars, restaurants and hotels shutting down.

— Mike Rogoway | mrogoway@oregonian.com | twitter: @rogoway | 503-294-7699

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