Miro, a startup which sells productivity software for businesses and was last valued at $17.5 billion, told employees Wednesday that it plans to lay off roughly 18% of its workforce or around 275 employees.

The layoffs are the latest example of how startups focused on selling niche business software are suffering as customers get more selective about spending. Miro rose to prominence during the pandemic when demand for its product, an online "whiteboarding" tool that lets employees collaborate on projects remotely, took off as businesses worldwide scrambled to keep operations online with staff working from home.