Lockerz has offered a Pinterest-like experience since Feb. 2012 with socially curated photos and content. But unlike Pinterest, it offers rewards to its users for sharing content and driving other people to make purchases at the site. Before it focused on this model, the site was a photo-sharing service.
The company lost its CEO and founder, Kathy Savitt, to Yahoo back in August. Yahoo hired Savitt to be its chief marketing officer.
Leilani Augstine, Lockerz’s chief marketing officer, did not explicitly confirm the amount of layoffs to TC, but it did provide this statement:
Today we went through the process of realigning our organizational structure to best fit the needs of our product and business as we move forward. That means that some positions were eliminated and we will be increasing our investment in other areas we see as opportunity. I will not comment on how many individuals were effected or any specific individual… We remain bullish on the opportunities surrounding social commerce. We believe we are in the early stages of a transformational change in the way consumers discover and consume products and content. Our vision remains the same and and today’s changes will allow us to be much more nimble, which is an important component of success in this space.
Lockerz has raised $43.5 million to date from investors including Kleiner Perkins Caufield & Byers, DAG Ventures, Live Nation, and Liberty Media.