Quirky has raised $68 million led by Andreessen Horowitz in series C funding. The former which proposes its ideas for consumer products which are submitted online by inventors. The funds received are going to be used for expansion of new products in several countries. Now Quirky Inc is estimated to be priced at $150 million after the deal was finalized.
Apart from Horowitz,the investment was carried out with the VC firm Kleiner Perkins Caufield & Byers along with the existing investors Norwest Venture Partners and RRE Ventures. Founded in 2009 by Ben Kaufman and is based in New York. Quirky provides information relating to the product to the relevant customers and come up with a product idea. Thus the online community is used to get ideas for marketable products. Every week the best ideas are chosen from the internet and put into action for making products. Later the ideas are refined by the members of the company and later the product experts of the company who have a magnificent clientele such as P&G, Royal Philips Electronics and Oxo.
The revenue of the company may be small but the pace of growth of the company is in geometric progression.In 2010, the very first year, the sales accounted to $1 million, last year making a leap to $7 million and a prediction of $20 million revenue this year.