Internet TV aggregator Veoh Networks has laid off 20 employees, about 20% of its 110 employees.
Veoh spokeswoman Gaude Paez cited economic uncertainty for the cuts, which she said were in all areas of the company.
“We know we have to run a very lean and mean ship now, and making the tough choices now instead of later,” she said. “The economy is starting to soften…and it’s impossible to predict how the advertising market will be affected.”
Paez said Veoh has “money in the bank,” having raised a $30 million round of funding in June led by Intel and Adobe Systems. Other investors in the company include Time Warner Inc., Shelter Capital, Spark Capital, Goldman Sachs, Michael Eisner’s Tornante Company, and former Viacom executives Tom Freston and Jonathan Dolgen.
While the job cuts affected most areas of the company, Paez said, Veoh’s technology operations and partner services departments were more heavily affected.
Veoh’s layoffs were reported on Wednesday by NewTeeVee.com.
