Question-and-Answer Site Quora Raises $80 Million in Series C Funding
Whenever a company tries to raise money for there company its usually to further its development of their product or even increase its presence or work force. In this recent case with Quora though, the answer seems to simply to be to have the money just in case.
The question and answer site has recently raised a total amount of $80 million in round of funding, a Quora spokesperson confirmed to sources on Wednesday. This financial round was led by Tiger Capital, and has included participating investors Matrix Partners, Benchmark and Peter Theil.
Quora had previously raised over $60 million in two funding rounds, It initially raised over $11 million at an $86 million valuation during 2010. That round had been led by Benchmark, and general partner Matt Cohler, another former Facebook employee, who also managed to join the Qoura board of directors.
Afterwards, it managed to raise another $50 million during May 2012 from Thiel, Matrix Partners, Northbridge Venture Partners, and CEO and co-founder Adam D’ Angelo, valuing it at $400 million. This recent latest round of funding has now valued the company to a total of $900 million.
Palo Alto-based Qoura had bee founded back in 2009, as a collection of questions and answer created, edited, and organized by the users themselves, This site has up to 500,000 topic but with a unknown amount of users.
The real question for this matter is, what is Qoura planning to do with this recent round of funding? The social answering site seems to have some plans, but it mostly to have some insurance to “make sure Quora lasts forever”
“We will keep most of this money in the bank as insurance. This insurance protects us against a potential macroeconomic downturn, and will allow us to focus on building the best possible product to share and grow the world’s knowledge, and continue running the service no matter what happens,” D’Angelo wrote on the site on Wednesday.
“This is important because one of our goals is to be an independent company for the long term and not be acquired.”
In another post, he even admitted that the company “still had most of the money in the bank from our series B two years ago.”
This concludes that Qoura will be simply sitting on top of this pile of cash, D’Angelo also commented that the company would continue to expand into new language, fund the company’s infrastructure and to improve upon the product, which means better tools for people to find their own content, and some tweaks for notifications.
“We are also focused on keeping Quora as the highest quality place on the internet for answers to questions as we grow in scale – this means making sure people can find all content that’s relevant to them, automatically surfacing more of the great content, and fighting spam, minimizing other low quality content, and stopping question vandalism,” said D’Angelo.
“These are challenging problems and we will continue to build the best possible development team to tackle them.”