Early in the Summer Itzbig employees started hitting the streets, and word was that the VC funding was announced, but when it came time to write checks the pen ran out of ink. No word on if it was Rho Ventures or Sevin Rosen that backed out of the funding committment. Apparently Jim McGovern wrote a letter, according to Cheezhead.

It is with great regret that I am writing to inform you that itzbig will be discontinuing operations.

On behalf of all of the itzbig employees who have worked so long and so hard, I’d like to thank you for your support.

We set out to build a next-generation service that instantly matched, scored and ranked jobs against candidates and candidates against jobs, without all the junk results. Our approach was to allow recruiters to post jobs for free and to interact with anonymous candidates in order to determine those who were interested, qualified and available (IQA). Recruiters would only be asked to pay to unlock the contact information of candidates in whom they were interested. Based on the very positive feedback that we received from many of our users, I think we were making good progress. Unfortunately, however, we have been unable recently to secure enough additional funding to continue.

While we are winding down operations, the itzbig website will be kept alive and will be made completely free to use for everyone — candidates and recruiters.

Our passion for revolutionizing the way the world recruits remains undimmed, and many of us will continue our efforts in the future. But for now we are obliged to close this chapter of our lives and move on.

Thank you again for your support. We are saddened by this outcome, but we’ve learned a lot and enjoyed serving the HR/recruiting community as best we could.

Regards,
The itzbig Team

A commenter writes, “The CEO was a joke. He refused to go after the business that would have pushed the company to be better and refused to listen to what the customers said. He sat by and let a disastorous move into N. CA fail after claiming the company hinged on its success and was caught completely off guard when the VC’s pulled all the expected funding back in May. He was great at taking vacations, speaking French and bragging about his college. This was a company that could have been successful if it had been led by someone who knew anything about customers, sales and strategy.”

Ouch.