Layoffs at Omidyar Network

Omidyar Network, the philanthropic venture capital firm formed by eBay founder Pierre Omidyar, has laid off several staffers, including members of its investment team. In an email sent this morning to friends and colleagues, one investment manager wrote:

“The organization has gone through some restructuring to better reflect current market conditions and support its evolving investment model. Several positions have been eliminated, including my own.”

I’ve left a message for Omidyar Network’s spokeswoman, in order to get more details. Specifically, I’m interested in how the group views the “current market conditions,” given that it hired six new staffers just seven months ago.

The personnel changes are not yet reflected on Omidyar Network’s website.

UPDATE: Omidyar Networks spokeswoman Sarah Steven emailed to confirm that the firm had seven layoffs. Here is her statement:

“We did regretfully let three people go on our administrative team last week due to the economic downturn. In addition, as a result of our evolving model – where we make fewer, larger investments but more deeply engage with investees – we eliminated four roles across multiple teams including finance and accounting. Despite this, and in order to continue staffing against our investment model, Omidyar Network plans to hire in the U.S., India, and Africa this year and next.” 

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