Sorare Shifting Employees to Paris, Not Closing New York Office Completely
Web3-enabled fantasy sports platform Sorare recently laid off 22 employees from its New York office, with plans to centralize certain teams at the company’s Paris headquarters for improved communication and efficiency.
CEO Nicolas Julia stated, “As we plan for our next stage of growth, Sorare has made the decision to centralize some of our functions at our Paris HQ. This primarily affects our product development team as we believe that bringing that team together in the same space in Paris will allow them to collaborate more effectively across our football, baseball, and basketball offerings.”
An additional 11 employees in the New York office have been asked to relocate to Paris, with plans to hire more than 20 roles in the next six months to fill the gaps. Sorare will still maintain certain teams in its New York office, such as those working with U.S. customers and on U.S. brand partnerships with sports leagues like MLB and NBA.
While the layoffs were not financially driven, Sorare, like many other web3 companies, faces challenges in meeting growth goals within expected timelines. Sorare’s revenue primarily comes from issuing and selling new NFT cards on its platform, with $200 million in user transaction volume in 2023.
Despite the decline in investor interest in web3 companies, Sorare remains active with a dedicated community and hopes its reorganization efforts will help navigate through challenges in the industry.
