Self-serve ad network AdBrite is cutting 40 staffers from its 100-person workforce, Techcrunch reports. VP Marketing Paul Levine, who had often served as the San Francisco company's spokesman, and VP Finance Bob Feller are among those no longer with AdBrite.
The company, which raised a large $23 million third round from previous backer Sequoia Capital last November, was founded by F**kedCompany.com creator Philip Kaplan (no relation to me). It had raised rounds of $8 million and $4 million in 2006 and 2004. Techcrunch points out that the job cuts follow last week's warning by Sequoia to the heads of the companies it backs about lowering their expenses amid the worsening economic outlook. CEO Iggy Fanlo claims that AdBrite had gross revenues of $32 million last years and that the company is still seeing gains there, though he doesn't provide specifics. He tells Techcrunch that as a result of the layoffs, the company will now be cash flow positive and profitable.
CEO Iggy Fanlo told News.com that AdBrite will focus all of its efforts going forward on a performance-based CPM model instead of its previous brand-based service.
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