Facebook Co-Founder Eduardo Saverin and Other High-Profile Investors Send $8 Million To Qwiki
Qwiki has raised $8 million in series A funding. The largest investor in this round is Facebook co-founder Eduardo Saverin. Saverin has been very low-key with his investments due to the tumultuous experience he had as a Facebook co-founder. Essentially Mark Zuckerberg reduced Saverin’s equity to 0.03%, but gave him proper equity back when Saverin started talking to the press about his side of the story. His side of the story was made into a movie called The Social Network.
Eduardo is now worth about $2.5 billion and now he is investing in Qwiki alongside Jawed Karim, the co-founder of YouTube. Eduardo had watched Qwiki’s demo at TechCrunch Disrupt in Singapore where he now lives. Other investors in Qwiki include Pradeep Sindhu (Juniper Networks co-founder), Greylock Discovery Fund (run by Reid Hoffman), Lerer Ventures, Tugboat Ventures, and Contour Ventures.
Qwiki’s management will retain a majority control of the company. None of the voting board seats were given to any of the investors, but Saverin will get an observer seat along with seed investor Pejman Nozad. Qwiki was co-founded by Doug Imbruce and Louis Monier. The other seed investors are Shervin Pishever, Keith Rabois, Elad Gil, and Mike Brown.
“I am in a situation today where I can do what I love, which is help other entrepreneurs,” said Saverin in an interview. “Facebook has been a big thing and will be a big thing. Qwiki is early stage, but they are on the path to be a game changer.”
Qwiki can turn data about a topic into a series of multimedia presentations on-the-fly. For example, if you type in San Francisco, the result will return an audiovisual presentation about the city including facts and sights across the city.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry