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KPCB, Andreessen Horowitz back $68m Quirky financing

7 Sep 2012

Kleiner Perkins Caufield & Byers is the latest investor to buy into online innovation platform Quirky as part of a $68m Series C round.

Fellow venture heavyweight Andreessen Horowitz led the financing round, which takes the total Quirky has raised to $97m.

Existing investors Norwest Venture Partners and RRE Venture also took part in the round.

Quirky said it would use the funding to grow the company’s capacity to produce more, better products, refine its community submission process and grow its product development and community engagement teams.

Andreessen Horowitz general partner Scott Weiss and KPCB general partner Mary Meeker will join the Quirky board following the investment.

Weiss said, “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.

“Ben Kaufman had the vision to democratise product development.

“Quirky has taken the speed and best practices of online software development and brought it to bear in developing offline consumer products.”

Meeker added, “Quirky’s social design platform is reinventing consumer product R&D with materially faster time from product conceptualisation, to design and manufacturing and, ultimately, to retail sale.

“Since its founding in 2009, Quirky has launched more than 200 innovative products — including top-sellers Pivot Power, Cordies and Crates — and has paid out over $2m to its inventors and contributors.

“The pace of Quirky product launches and number of contributors, now at 260,000 online users, is rapidly accelerating.

“We are thrilled to work with Ben and the company at such an exciting time in Quirky’s growth trajectory to make invention accessible to nearly everyone.”

Last month KPCB joined Horizons Ventures to back a $12m Series C financing round for Affectiva, a maker of technology that measures the emotional connection people have with advertising and brands.

The round also saw participation from existing investors including WPP, the global advertising giant spearheaded by Martin Sorrell, Myrian Capital and the Peder Wallenberg Charitable Trust, represented by Lingfield AB.

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