The media and technology portal GigaOm will immediately stop publishing after being unable to pay its creditors, the site announced on Monday.
Staffers with the website first broke the news on Twitter Monday evening. Editors and reporters said in social media dispatches that the website had run out of cash to continue operating. The news came just one year after GigaOm raised $8 million in funding from a number of venture capitalists.
GigaOm managers confirmed the site’s closing with the following statement:
“GigaOm recently became unable to pay its creditors in full at this time. As a result, the company is working with its creditors that have rights to all of the company’s assets as their collateral. All operations have ceased. We do not know at this time what the lenders intend to do with the assets or if there will be any future operations using those assets. The company does not currently intend to file bankruptcy. We would like to take a moment and thank our readers and our community for supporting us all along.”
GigaOm’s founder Om Malik also released a statement on Monday:
“GigaOm is winding down and its assets are now controlled by the company’s lenders. It is not how you want the story of a company you founded to end.
Every founder starts on a path — hopeful and optimistic, full of desire to build something that helps change the world for the better, reshape an industry and hopefully become independent, both metaphorically and financially. Business, much like life, is not a movie and not everyone gets to have a story book ending.
There will be time for postmortems, but not today. Today, I want to thank all the people who make (and have helped make) GigaOm. Their role in this journey was what really made it all worth it. They are great people and they will all do great work wherever they go. I want to thank our investors who believed in the business long before it became fashionable. And most importantly, I want to thank you dear readers for coming along on this trip of a lifetime.
I might have left GigaOm, the company, over a year ago, but GigaOm, the idea still lives in my heart.
Goodnight sweetheart, I still love you!”
GigaOm was scheduled to host a conference later this month. It is unclear if the conference, called “GigaOm Structure Data,” will continue.
The brand was founded by Malik in 2006 and quickly grew into a network of technology and media-focused blogs. The blogs were unified under the GigaOm umbrella in 2011.
Since then, GigaOm had offered a number of media-focused services, including GigaOm News and the analytical platform GigaOm Research.
The website reached over 6 million unique readers monthly, according to its media kit.