Insurance startup Sana to layoff nearly 20% of workforce

Sana, a startup payer focused on small-businesses, is laying off 19 percent of its workforce.

According to the company's LinkedIn, Sana employs 279 individuals. CEO and co-founder Will Young wrote to employees Feb. 7 that the move will help put the company on a more solid financial path and allow it to reach profitability "much sooner than previously planned.

Laid off individuals will receive severance pay equal to three months of their base salary, medical benefits through May 31, they can keep company laptops, the one-year minimum for equity has been removed, and they will receive 3 months of career placement services.

Austin, Texas-based Sana was founded in 2017 and has more than 29,000 members across six states.

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