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Navan, an expense management startup once known as TripActions, has laid off 5% of its staff, or 145 people, a spokesperson confirmed to TechCrunch today. "Navan has recorded strong growth over the past three years despite the challenges affecting our industry," the spokesperson wrote via email, describing the cuts as a "restructuring." In October of 2022, Navan secured $150 million debt and raised $154 million in equity at a post-money valuation of $9.2 billion, up from its prior valuation of $7.5 billion.

Highlights The round was done at a premium to its prior valuation, amid challenging market conditions and scarcity of funding for startups in the Latin America...

Arm, Instacart and Klaviyo are expected to list in September.

The company connects large foodservice manufacturers with bars, restaurants, cafés and bakeries then manages fulfillment.

Commercial real estate is having a tough year—and startups catering to the sector need to reevaluate, says one VC.