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PitchBig  hopes to be a startup’s new best friend and the next greatest networking site for finding venture capital.

The service, which launched today, lets startups create a company profile free of cost to attract investors. Likewise, investors can use the site to quickly locate and vote on innovative ideas and companies. The site claims to filter out bad businesses, simplifying the time-consuming research process for both entrepreneurs and investors.

“About a year and a half ago, I was working for, a website similar to PitchBig, and I started to look at the entrepreneurial space. There just wasn’t a good space for investors and entrepreneurs to connect,” CEO Jason Biondo told VentureBeat. “Our competitors, AngelList and Go Big Networks weren’t incorporating different social aspects. One big feature on my site is that you’re competing against other entrepreneurs and investors. Every member gets a Pitch Score, which is an algorithm behind closed doors. If you make the right connections, your Pitch Score will go up. That adds a game layer on top of the social network.”

The Pitch Score ranking algorithm combines user votes, company recommendations, and generated fan interest to rate a business on its potential success. The site also incorporates flexible privacy settings so new startups can protect valuable ideas and share them only with specific users. The site also uses a “LinkedIn connections” approach; members have to be associated with other companies in order to send a message to them, ensuring each startup is matched only with interested investors.

PitchBig is a small bootstrapped company operating out of Hartford, Connecticut.

Image via dierken/Flickr.

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