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Quirky filed for bankruptcy financing of 170 million for naught

[Abstract] the company became one of the largest startups to declare bankruptcy after the collapse of start-up companies.

Quirky former CEO Kauffman (left) and former president Doreen – (right)

Tencent Francisco September 23rd message, according to foreign reports, creative products and community e-commerce site Quirky before the date of filing for bankruptcy protection. The company has also become one of the largest startups to declare bankruptcy after the collapse of start-ups.

Quirky crowdsourcing approach, so that the community to participate in the entire process of product development, including the submission of creativity, audit review, valuation, development, pre-sale, production, sales and other processes. The company had been through several rounds of financing to raise about $170 million, including Anderson · Horowitz Fund (Andreessen Horowitz), Kai Penghua (Kleiner Perkins Caufield & Byers) and other well-known Vc firm, is one of the company’s investment in people.

since 2013, only two of the bankruptcy of the United States to raise the scale of the financing of more than Quirky, that is, electric vehicle charging technology company Better Place electric car manufacturer Coda Automotive. The two companies announced bankruptcy in 2013. Anderson · the fund has also invested in the fund to raise the $300 million flash purchase site Fab. The Wall Street Journal reported earlier that the company has sold tens of millions of dollars in part of the business.

although the specific content of bankruptcy protection submitted by Quirky still can make nothing of it but for Anderson, · Horowitz fund, the company declared bankruptcy, is undoubtedly the Fab after the sale of assets to the venture capital company and a major blow.

filed a bankruptcy petition filed with the bankruptcy court in the Southern District of New York, demanding the divestiture of the company’s Wink business, Quirky. Wink business to smart home based, through the wireless network in the user’s home locks, lighting and other household devices and smart phones connected together. The company also said that the business will be sold at a price of $15 million to a subsidiary of flextronics. The transaction is still subject to the bankruptcy court’s review. Quirky to sell assets, reflecting the prospects of smart home business Wink remains unknown.

Quirky also seeks to preserve the remaining assets of the site. The company said it hopes to retain its online creative community, but will be able to terminate other product lines can not be auctioned.

to remove Anderson · Horowitz fund and Kai Peng surplus two well-known venture outside, Quirky investors also include Ge VCs (GE Ventur>)

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