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The biggest reason for the failure, he said, was, “because of the traditional bounds of brick and mortar retail.”A few weeks later, he stepped down as CEO of the company. Kaufman went under the radar but continued to work on e-commerce projects.
But instead of trying to spin the situation into a positive, Kaufman, then 28, clearly articulated where Quirky had gone wrong, admitting that the company's mission, a platform to bring people’s inventions to market, had failed.
Prior to establishing Buzz Feed, Peretti was director of research and development and the Open Lab at Eyebeam, Johnson's New York City-based art and technology nonprofit, where he experimented with other viral media.
He recruited a few ex-Quirky people to his new company, called Scroll, and began dabbling.
He built Thrice.com, a site that sells emoji-themed pool floats.
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In 2011, Peretti hired Politico's Ben Smith, who earlier had achieved much attention as a political blogger, to assemble a news operation in addition to the many aggregated "listicles".
In August 2014, Buzz Feed raised million from the venture capital firm Andreessen Horowitz, more than doubling previous rounds of funding.
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Their mandate is to experiment independently with all forms of commerce until they find a formula that works. The company wasn’t planning to formally reveal the commerce initiative until next year.