Vendease Restructures Employee Salaries Amid Profitability Push, Seeks Fresh Capital
Vendease shifts to performance-based pay, seeks funding, and focuses on BNPL for profitability.
Matilda
Vendease Restructures Employee Salaries Amid Profitability Push, Seeks Fresh Capital
Y Combinator-backed Nigerian food procurement startup Vendease has changed its employee pay structure and is seeking fresh capital, TechCrunch has learned. Image:Vendease This is after laying off 44% of its workforce — around 120 employees —last month, marking its second round of job cuts in five months. In the latest development, the startup has now replaced employees’ traditional salaries with a performance-based pay system, supplemented by an Equity Share Option Plan (ESOP), The five-year-old startup, which raised $30 million in its Series A round led by Partech Africa and TLcom Capital, said the restructuring was necessary to navigate to profitability. Vendease’s new compensation model includes a five-phase salary recovery plan, the documents say. In February, all employees received a ₦140,000 (~$90) salary, regardless of previous pay. From March to May, the company will raise employees’ wages to 30% of former levels if they meet performance targets, though it hasn’t specified these ta…
