Scoop: FemTec furloughs more staff, including its CEO
FemTec Health CEO and chair Kimon Angelides furloughed at least six staff members on Monday — including himself and the company's chief scientific officer — per current and former employees and a letter to the affected employees viewed by Axios.
Why it matters: The furloughs at the women-centered care startup are the third round of cuts since July and follow an Axios investigation this month that raised questions about the company's financial and operational stability.
Catch up quick: FemTec, which per PitchBook data had roughly 82 employees as of Oct. 3, conducted layoffs in July and furloughed another batch of employees in September, Angelides confirmed to Axios in Oct.
Details: In a letter to affected employees viewed by Axios, Angelides said the decision to furlough the staff was "due to current economic environment and challenges."
- Kimberly Capone, FemTec Health's chief scientific officer, was also furloughed, three sources said.
- Many of the furloughed people worked in the company's customer experience department, the sources added.
The intrigue: Angelides also wrote, "I have also placed myself on temporary furlough as a measure of solidarity."
FemTec Health did not respond to Axios' multiple requests for comment.