Gigaom, for years one of the largest and most influential technology blogs, shuttered its operations abruptly last night after running out of cash. Its editorial staff only appeared to discover they were out of job at around the same time Gigaom published a short post admitting that they were unable to pay their creditors, with many tweeting their disbelief.
Thanks for the well wishes. Going dark for a day or so to get home and clear my head. I loved writing for you all the past several years. 🙂
— Kevin C. Tofel (@KevinCTofel) March 10, 2015
So that happened. In shock, obviously.
— Davexit Meyer (@superglaze) March 10, 2015
This hurts more than I can say: I was just told Gigaom is shutting down — it has run out of money. We tried our best, but it wasn't enough.
— Mathew Ingram (@mathewi) March 10, 2015
Gigaom, which launched in 2006 has taken on over $22 million in venture funding over its lifetime including $8 million last February. A burn rate of $8 million a year is impressive, even by Silicon Valley vanity project standards..