By James Thaler

June 26 - (The Insurer) - Newfront parted ways with around 35 staff as a part of a restructure on Thursday, a spokesperson confirmed, saying that the move was undertaken to “better align teams” with the retail insurtech broker’s long-term growth priorities.

The San Francisco-based company was launched in 2017 by co-founders Spike Lipkin, who serves as CEO, and Gordon Wintrob as the company’s CTO.

It last publicly raised $200 million in 2022 with backing from Goldman Sachs Asset Management, B Capital, Founders Fund and Meritech Capital that valued the firm at $2.2 billion.

“Today, Newfront announced a strategic restructuring affecting less than 5% of its workforce,” the company said in a statement to The Insurer.

“This is part of a broader effort to better align teams with the company’s long-term growth priorities and evolving client needs,” the statement continued.

“As Newfront continues to scale, its proprietary platform is delivering meaningful operational efficiencies - reducing administrative workload and allowing teams to focus more deeply on strategic, high-impact client work,” a company spokesperson added.

CEO Lipkin also commented on Tuesday’s restructure.

“We are grateful to all of our colleagues for their contributions,” Lipkin said in a statement.

“For those impacted by today’s changes, we are committed to supporting them through this transition with care and respect,” he added.

A spokesperson for Newfront said the company remains focused on investing in areas with strong momentum and “is confident in the direction of its business and the continued success of its clients.”

In an interview with The Insurer TV at last month’s Equal Ventures Insurance Capital Summit, Wintrob said the insurtech retail broker’s staff win more business when leveraging its in-house built technology, with an aim to close coverage gaps, while touting that it works with 20% of all US “unicorn” firms.