Solvate Bids Adieu After $10.3M Funding

Solvate, famous for providing an online platform that easily connects freelancers and clients, will be ending its service on March 1, 2012.

Launched in 2009, the New York-based company is a one-stop platform for businesses seeking freelancers and consultants, competing against oDesk and Elance for market share.

The twitterverse went abuzz when news broke of Solvate’s impending closure. Here’s what Solvate has to say to its users:

Dear Solvate user,

Effective March 1st, we are shutting down this service. We are proud to have connected US-based independent professionals with companies for contract work, but ultimately we couldn’t scale it in its current configuration.

We will collect for work performed through February 29th, and pay talent accordingly, after which you can connect with your existing talent or clients of your own accord. We will issue 1099′s for work performed in 2012 through February 29th.

We regret any inconvenience this may cause you! If you have any questions, let us know:

 Team Solvate

Reports are unclear if the company will permanently close its doors, or if this is just a business move. If we recall, a little over $10M of funding was poured into the company during its run from investors RRE Ventures and DFJ Gotham Ventures, among others.

Via TechCrunch