Pitch, the company known for its collaborative presentation software, has undergone significant changes. CEO and co-founder Christian Reber has stepped down, and the company has made the decision to reduce its workforce by two-thirds. This translates to approximately 80 employees out of the 120-person team as indicated on Pitch’s about page.
Key Takeaway
Pitch, the collaborative presentation software company, has undergone a significant restructuring with the CEO stepping down and a substantial reduction in its workforce. The company aims to shift its focus towards profitability and organic growth, signaling a change in its strategic direction.
CEO Transition and Company Restructuring
Christian Reber, in a recent social media post, confirmed the leadership transition, with co-founder and CTO Adam Renklint assuming the CEO role immediately. Despite stepping down as CEO, Reber will continue to serve on the company’s board.
Background and Funding
Established in 2018 and based in Berlin, Pitch entered private beta in 2019 with initial funding of $30 million. The funding was led by the creators of Wunderlist, an app acquired by Microsoft in 2015. Notably, Pitch had raised over $130 million from investors such as Lakestar, Index Ventures, and Tiger Global Management, along with support from prominent angels including the founders of Instagram and Zoom.
Shift in Strategy
Similar to many venture-backed startups, Pitch faced challenges in meeting growth expectations and satisfying investors. Christian Reber acknowledged the difficulties, stating that the company aimed to pursue a new path centered on profitability and organic growth, rather than striving to be a “hyper-growth company” fueled by venture funding.