Quirky (company)

Quirky was an invention platform that connected inventors with companies that specialized in a specific product category.[1]

History

Quirky was founded in 2009 by Ben Kaufman.[2]

In April 2010, Quirky received $6.5 million in Series A venture capital funding, led by RRE Ventures.[3] The company later received a $16 million Series B round in August 2011 led by Norwest Venture Partners, and a $68 million Series C round in September 2012 led by Andreessen Horowitz and Kleiner Perkins Caufield & Byers.[4] Then, in November 2013, Quirky raised $79 million in Series D funding from General Electric (GE) as well as its venture investors Andreessen Horowitz, Norwest Venture Partners, RRE, and Kleiner Perkins Caufield & Byers.[5] Part of the deal included a $30 million investment from GE, as well as a partnership to build 30 connected-home gadgets together in the next five years.[6]

In 2011, a reality television series named Quirky debuted on the Sundance Channel following events at the Quirky office.[7]

The May 6, 2012, episode of CNN's The Next List featured CEO Ben Kaufman and the company.[8]

On July 31, 2015, Ben Kaufman stepped down as CEO following a layoff of 111 employees due to trouble getting funding.[9][10][11][12][13]

On September 22, 2015, the company filed for Chapter 11 bankruptcy.[14][15] The company's assets, including its website and most of its products, were bought by Q Holdings for $4.7 million in late 2015, despite objections from General Electric.[16][17][18] Quirky's smart home Wink platform was sold to Flextronics for $15 million in November 2015.[19][20]

It was announced on February 8, 2016, that the company had new financing and owners.[21]

As of April 24, 2024, Quirky's invention submission platform is not accessible. [22]

See also

• Doreen Lorenzo, the company's former president

External links