NEWS10 September 2012

Quirky raises $68m Series C funding

Financials North America

US— Quirky, a community site that conceives and builds physical products, has raised $68m in Series C funding led by Andreessen Horowitz and including Kleiner Perkins, Norwest Venture Partners and RRE Ventures.

The New York City company develops products like flexible power plugs and kitchen gadgets suggested by its community and refined by contributors and in-house experts. It sells the products online and in stores like Target and shares revenue with contributors.

Quirky has made 200 products in the past three years, and says it expects $20 million in revenue this year, with more than a hundred contributors making tens of thousands of dollars in royalties. It will use the new funding to increase the company’s capacity. It also aims to refine its community submission and contribution process and add to its product development and community engagement teams. Additionally, Quirky will seek to involve community members at the retail level through a new distribution programme.

“Offline retail and product development are well overdue for innovation and Quirky is the most exciting new retail concept we’ve seen since the Apple store opened over a decade ago,” said Scott Weiss, general partner of Andreessen Horowitz.