Digital Media Startup, Odyssey has slashed 55 full-time employees out of their 250 employees, after raising funds from their investors. This change happened after Michael Lazerow joined Odyssey after selling his startup Buddy Media to Salesforce for $800 million.
This news was confirmed by CEO Evan Burns himself in his social network. The California based startup has raised $31 M in total and moved into newly build New York office in December.
The startup has a bunch of writers, typically in the 18-25 age brackets, which produce around one article a week. Most of the employees are college students. The content Odyssey writers produce includes all sorts of topics, spanning from politics to fashion to sports.
Odyssey is a social media platform committed to democratizing content creation while personalizing discovery. The firm is dedicated exclusively to studying the complex and changing relationship between consumers and technology, including entertainment, information, communication, and commerce.
Evan Burn the company CEO says “The cuts were across all departments and locations but focused mostly on the editorial side. The reason for the cuts was to completely re-make Odyssey’s technology platform in a way that would allow the startup to grow as we were not able to scale the growth.”
He also quoted “Odyssey functions a bit like a college paper on steroids.”
Odyssey has been experimenting with different forms of making money, including sponsored content, some of which Odyssey contributors can get paid to write. But right now it’s certainly not a place writer can generally make a significant chunk of cash.
The Series B Funding of $ 25 Million was raised by Jason Epstein (Senior Managing Partner in ColombusNova) and Michael Lazerow (Co-Founder of BuddyMedia). The company’s total equity funding is of $31 Million. Read more news.