A little more than a year after it raised $8 million in venture capital–and saw its founder leave to join one of its venture investors–the tech news, analysis and research website Gigaom is reportedly shutting down.
News broke on Twitter, with Austin, Texas-based Gigaom writer Stacey Higginbotham reporting it as follows:
Gigaom is shutting down. The site. And the company. But @om built something amazing and it changed my life. I love him and my colleagues.
— Stacey Higginbotham (@gigastacey) March 10, 2015
The company confirmed the news in a brief statement a little before 9 p.m. Eastern, writing:
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.
A statement from Gigaom founder Om Malik soon followed, posted to his personal site: “There will be time for postmortems, but not today,” he wrote. “Today, I want to thank all the people who make (and have helped make) Gigaom.”
“Gigaom, the idea still lives in my heart,” he wrote, signing off, “Goodnight sweetheart, I still love you!”
Meanwhile, tributes and surprised reactions poured in from other tech journalists:
— Ryan Lawler (@ryanlawler) March 10, 2015
RIP @gigaom. It was a site that kept covering what was important (including cleantech) after many had moved on.
— danprimack (@danprimack) March 10, 2015
— Alex Howard (@digiphile) March 10, 2015
Knew that this year was going to be all about media consolidation but didn’t see GigaOm just shutting down.
— Greg Gomer (@sliggity) March 10, 2015
Indeed, news of the shut-down came suddenly. Higginbotham followed up to say that as of 5 p.m. Monday, gigaom is owned by its trustees, including SVB.
A year ago, founder Om Malik announced an $8 million funding round, touting Gigaom’s subscription-based revenue model and a platform the media company had built for original research. With the funding, Malik announced he would step back from a day-to-day writing and editing role, in order to join the partnership at True Ventures, which returned to invest in the round alongside new, lead investors Shea Ventures.
“The growing success of our research business gives us the luxury to have an editorial operation with a singular focus: providing value to our readers and respecting the attention they accord us,” he wrote at the time. “Together with events, our editorial operation is a free-standing business and one I am very proud to have helped create.”
As of that writing, Gigaom had 70 employees, according to the post.