Quirky (company) explained

Quirky
Location:New York City
Founder:Ben Kaufman
Key People:Gina Waldhorn, President
Registration:Optional
Language:English
Company Type:Private
Current Status:Inactive
Num Users:1.2 million+

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

Notes and References

  1. News: About . Quirky . 3 June 2014.
  2. Web site: Quirky Is Telling the World Just How Unimportant Its CEO Is. 2014-05-30. AdWeek. 2016-07-13.
  3. https://venturebeat.com/2010/04/27/quirky-ben-kaufman/ Quirky's 23-year-old CEO finds love with the supply chain
  4. News: Quirky Gets Backing From Andreessen Horowitz and Kleiner Perkins . October 17, 2012 . Fenn . Donna . New York Times . September 7, 2012.
  5. Web site: Quirky Raises $79M, Including $30M From GE to Make Connected-Home Gadgets. November 13, 2013. All Things Digital. Gannes. Liz.
  6. Quirky and GE Partner to Conquer the Internet of Things. November 19, 2013. Wired. Stinson. Liz.
  7. [Associated Press]
  8. Web site: This week on 'The Next List': Quirky.com brings invention to the masses. CNN. 2016-07-13.
  9. News: The CEO of New York startup Quirky steps down in the wake of lay-offs and funding struggles. D'Onfro. Jillian. 1 August 2015. Business Insider.
  10. News: Quirky founder Ben Kaufman steps down as CEO. Diana. Chelsea. 3 August 2015. New York Business Journal.
  11. News: Quirky CEO Ben Kaufman Out. Replaced by CFO Ed Kremer. Alois. JD. 3 August 2015. Crowdfunding Insider.
  12. News: Quirky CEO Ben Kaufman Steps Down. Pastore. Rose. 3 August 2015.
  13. News: Quirky's Ben Kaufman steps down as CEO. Crist. Ry. 2 August 2015.
  14. News: Invention Startup Quirky Files for Bankruptcy. Gleason. Stephen. 22 September 2015. The Wall Street Journal.
  15. News: Quirky, an Invention Start-Up, Files for Bankruptcy. Lohr. Steve. 22 September 2015. The New York Times.
  16. Web site: New York bankruptcy judge approves sale of Quirky despite General Electric objections. 2015-12-11. Albany Business Review. American City Business Journals. 2016-07-13.
  17. News: GE Says Quirky Has Hurt Its Reputation. Mann. Stephanie Gleason And Ted. 2015-12-04. Wall Street Journal. 0099-9660. 2016-07-13.
  18. Web site: Quirky Gets Nod On $4.7M Asset Sale - Law360. www.law360.com. 2016-07-13.
  19. Web site: Quirky files for bankruptcy and announces plans to sell Wink. Kastrenakes. Jacob. 2015-09-22. The Verge. 2016-07-13.
  20. Web site: Wink opens up about surviving the fall of Quirky. Kastrenakes. Jacob. 2016-04-01. The Verge. 2016-07-13.
  21. Web site: An Introduction. A Quirky Blog. Quirky. 2016-07-13.
  22. https://invent.quirky.com

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