Thursday, 13 June, 2024 UTC
Summary
VRChat let go 30 percent of its team and promised at least 12 weeks of severance for departing staff.
The CEO of VRChat, Graham Gaylor, suggested in an email posted to the company's forums that recent management changes have set up the company "for success over the next five years."
"We’re in a good cash position, but to execute effectively on our five-year strategy, we need an extended runway with line of sight to profitability. The current fundraising environment is tough, and we’ll likely struggle to fundraise without greatly improved metrics. To take control of our own destiny and not solely depend on market-driven outside investment, we’re placing an emphasis on capital efficiency to ensure VRChat thrives."
The email notes "up to 6 months of healthcare coverage for those who are eligible" as well as 12 weeks of severance for "all departing team members" and "an additional two weeks for every year of tenure beyond three years, and an additional three weeks beyond five years."
In addition, the email notes, "we’ll support departing team members with a few VRChat specific perks." That's a "lifetime subscription to VRChat Plus" as well as an "alumni badge" in-VRChat and reduced VRChat transaction fees "for any purchases made from your store".
Gaylor's email closes:
Our mission remains the same, and it bears repeating: to enrich the world through immersive social connection and bring that magic to billions of people. Our responsibility is to maintain and grow the space we’ve created in VRChat, where so many people have found friends, family, and happiness, and to bring that opportunity to everyone.
To those leaving VRChat,
Thank you again for all of the love, dedication, and time you’ve put into helping us build VRChat. We wish you all the best on what’s next and will do our best to support you on your journey there.
pic.twitter.com/DSvyok2q3K— VRChat (@VRChat) June 12, 2024