Mountain View, California based online question-and-answer (Q&A) platform Quora has raised $85 million in Series D funding round. The newly infused capital in the company comes after eight long years and gave its valuation a new altitude of $1.8 billion.
The new valuation of the company is approximately double of its previous valuation which was in 2014. With such high valuation, the platform becomes a new entrant into the Unicorn club.
The funding round was co-led by Collaborative Fund and Y Combinator’s Continuity Fund. Along with them, previous investors — Tiger Global, Matrix Partners, and Dustin Moskovitz also participated in the round.
Quora was co-founded in 2009 by two former Facebook employees, Adam D’Angelo and Charlie Cheever. The platform was made available to the public in 2010. It is a question-and-answer website where questions are asked, answered, edited and organized by its community of users.
Explaining the vision behind the Quora, Adam said:
We’re trying to be a primary source of information, and they’re a secondary source and Quora is more about people’s opinions and analysis rather than factual information
Using the platform, users can share their knowledge or expertise in form of answers across millions of common interests, ranging from politics to painting, cooking to coding, etymology to experiences.
Even though the headquarters of Quora is based in Mountain View, the company has mostly avoided the limelight of Silicon Valley. However, on its platform, it has managed to conduct high-profile online Q&A sessions with the likes of Barack Obama and Canadian Prime Minister Justin Trudeau.
Users growth on the platform can be partly attributed to the increase in its valuation. The company has reported having 190 million monthly users which was increment from 100 million a year ago. This, in return, makes the platform suitable for advertisers.
Commenting on the investment, Adam said:
Going eight years without a fully available ads product means Quora has moved slowly. We have definitely focused more on our users and the mission than on monetization
Describing his views about Quora, Altman, president of Y Combinator, said:
The combination of their ever-improving machine learning and the increasing amount of knowledge shared means the product gets better as it gets bigger. The content I see from Quora constantly gets more personalized for me
Quora began introducing advertising about a year ago which makes the platform more suitable for advertisers. This also proves that the company has a viable business model. Until now, there was no monetization model in place for the company.
Going forward, Quora is planning to add more international as well as regional languages on its platform as it has been offering only English language for most of its existence.