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Days ahead of Facebook Inc.‘s initial public offering, the company’s network of former executives and investors are doing their own deal making.

Quora Inc., a question-and-answer site started by two of Facebook’s earliest employees, Adam D’Angelo and Charlie Cheever, has raised $50 million in a new financing that values it at $400 million, up from a valuation of around $86 million two years ago, said people familiar with the matter.

The new financing round is led by Facebook board member Peter Thiel, who invested with his own personal funds. Other investors in ...