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Tech news site Gigaom runs out of money, will shut down

Emerging tech news website Gigaom has recently become unable to pay its creditors and as a result, the company is working with its creditors that have rights to all of the company’s assets as their collateral. Multiple staffers have confirmed on Twitter that Gigaom will shut down.

Gigaom’s management team has written a post confirming this development. Here is the note in full:

Emerging tech news website Gigaom has recently become unable to pay its creditors and as a result, the company is working with its creditors that have rights to all of the company’s assets as their collateral. Multiple staffers have confirmed on Twitter that Gigaom will shut down.

Gigaom’s management team has written a post confirming this development. Here is the note in full:

“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.”

Founded in 2006 by former Forbes journalist Om Malik, Gigaom coveres all technology related news, with a focus on startups. Since then, the company has raised $22.3 million in venture capital. Its most recent round came in February of 2014, raising an $8 million Series F from True Ventures, Alloy Ventures, Shea Ventures, and Reed Elsevier Ventures. That same month, Malik stepped away from journalism to become a full-time partner at True Ventures.

In his personal blog, Founder Om Malik said, ” 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.”

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