Investment Firm BRM Trims Staff
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JERUSALEM -- The venture capital firm BRM Capital has fired a number of its employees recently, but is also hiring in certain areas, the company said on Wednesday. BRM marketing director Larry Gabbard said the changes, which amounted to less than ten percent of its staff, were the a result of an adjustment to the company's business model.
"As markets shift, we continually have to reassess our business model to ensure that it is an effective guide for success," Gabbard said, "We have [moved] our focus from assisting our companies with generic support to offering a deeper level of strategic aid. To do this, we have altered our operations to a more standard VC model."
Gabbard said that BRM was not limiting its adjustments to dismissals, but also recruitment in specific areas.
"We will persist to tailor our workforce, to add and subtract personnel, in order to achieve the best results for our investments and our investors," he said.
Gabbard added that BRM is looking to hire several staff members in its Israel office. The firm is based in Jerusalem and Fort Lee, New Jersey.