General Assembly, the largest coding and skills boot-camp provider, has laid off 50 employees, which is roughly 7 percent of the New York City-based company's work force, The Wall Street Journal reported last week. Jake Schwartz, the company's CEO and cofounder, told the newspaper that the layoffs were to make sure “we are completely self-sustainable and ready to control our own destiny for as long as it takes.”
Access to venture capital recently has tightened for many start-ups, the WSJ reported. General Assembly reportedly brought in $70 million in revenue last year. The company plans to make an announcement soon about new strategic investments, Schwartz said, while it seeks to continue growing a relatively new corporate training program.