Quirky Files For Bankruptcy, Selling Off Smart Home Platform Wink To Highest Bidder
Abigail Tracy for Forbes: Launched in 2009, the New York-based Quirky quickly grabbed the attention of investors with its unique business model of connecting inventors with manufacturers to bring products to market. Based on votes sourced from its online community, Quirky would pick pitched products on a weekly basis to manufacture and distribute. In eight rounds, the startup managed to raise an impressive $185 million in funding before it encountered a series of setbacks and flops—the most notable of which was a failed update to Quirky’s smart home system, Wink. Quirky’s problems came to a head when its founder Ben Kaufman stepped down as CEO at the end of July after six years at the helm.
According to the company’s bankruptcy announcement, Quirky has entered into an agreement with Flextronics International USA Inc., to sell off its Wink smart home brand at a purchase price of $15 million—unless it is presented with a higher offer. The bankruptcy filing will not affect the day-to-day operations of the Wink brand. Cont'd...
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