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September 10, 2012

Quirky Gets $ 68 Million of Funding

Filed under: Venture Capital News — admin @ 2:51 am

Quirky Inc, a start – up, a company that develops ideas for client products offered online by inventors, raised an amount of $ 68 million.

The money will be used in order to develop new countries and products.

Officials declared that the deal values the company at more than $ 150 million and that the investment is led by the investor Andreessen Horowitz from Facebook Inc. and the venture capital company Kleiner Perkins Caufield $ Byers, accompanied by the existing investors Norwest Venture Partners and RRE Ventures.

Investors Mary Meeker (from Kleiner Perkins) and partner at Andreessen, Scott Weiss will shortly join the board of directors at Quirky Inc.

The company utilizes the online community to select and process ideas into viable products. Every week, the firm decides what the best idea submitted via the internet is. After this, the ideas are fine – tuned by over 250,000 company members and the product experts, that worked for companies such as Royal Philips Electonics, Procter & Gamble Co. and Oxo. The resulting product are then sold by retailers like Bath & Beyond Inc., Bed, Target Corp. or Staples Inc. and of course, Quirky.com.

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