Cover Genius acquires the assets of Clyde
Cover Genius has acquired the assets of product protection startup Clyde.
In conjunction with the acquisition news, Clyde held its third round of layoffs which impacted 50%-60% of their ~45 employees.
In February, Clyde said goodbye to around 25 employees as part of a restructuring plan. “Now is not the time to brag about headcount or funding. Instead, it’s a time to double down on innovation and establish a strong foundation for the business,” CEO and founder Brandon Gell wrote in a blog post. “Our cost restructuring reflects this mindset and sets us on the path to being a self-sustaining and innovation-first company.” Last April, a similar number of employees lost their job.
We received the following statement from Cover Genius: “We have immense respect for Brandon and the team at Clyde. In this deal, we acquired the assets of Clyde, which included their platform and material contracts with merchant partners and vendors. To support Clyde under the Cover Genius brand, the founders of Clyde are excited to join the Cover Genius team as advisors. We have also extended offers to the majority of their employees and look forward to expanding the Cover Genius team to continue in our mission to protect all the customers of the world’s largest digital companies.”
Founded in 2017, Clyde publicly disclosed $42 million in venture funding. Some of its clients include Skullcandy, Movado, Dyson, Shark Ninja, Rugs.com, Tuft and Needle, and Lull Mattress.