Crowdsourcing Product Idea Platform Quirky Raises $68m

New York-based collaborative product invention platform Quirky has raised $68m in Series C funding, which it will use to expand its service across a number of verticals such as electronics, kitchen, and toys.

Founded in 2009 by entrepreneur Ben Kaufman (pictured), the firm has a community of 260,000 users who can submit and vote on ideas for new products - from initial concept to testing phase. Around 1,500 new product ideas are received each week, with just one or two reaching the development phase through Quirky's in-house team of product designers, engineers, and manufacturing and retail specialists.

Everyone who contributes to a new product receives a percentage of revenue generated through sales at outlets such as Toys 'R' Us, Staples, and Amazon. Since the company was launched, it has introduced more than 200 products, and paid out over $2m to its inventors and contributors.

The firm's latest funding round, which has been led by Andreessen Horowitz with participation from Kleiner Perkins Caufield & Byers and previous investors, brings the total raised to $97m to date. Funding will be used to grow Quirky's product development and community engagement teams, and involve community members at the retail level through a new distribution program.

Scott Weiss, General Partner of Andreessen Horowitz, and Mary Meeker, General Partner at Kleiner Perkins, will join Quirky's Board of Directors.

Web site: www.quirky.com .