SoftBank-backed Picsart cuts 8% of staff

Picsart, a photo- and video-editing tools provider, has reportedly laid off 90 people, or 8% of its employees, in the latest instance of a SoftBank portfolio company to pare back its ranks. Picsart has raised over $197 million in total funding and was valued at $1.23 billion as of last August, according to PitchBook data. The Information reported that a Picsart spokesperson confirmed the job cuts. Picsart is the third SoftBank-backed startup to lay off personnel in recent weeks, following celebrity shout-out app Cameo and proptech startup Reef Technology.

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