Freshplum, a US-based developer of a digital commerce sales analysis software, has raised $1.4m in seed funding from a consortium including search engine Google’s corporate venturing unit.
Alongside Google Ventures in the seed round were venture capital firms New Enterprise Associates, Greylock Partners and Charles River Ventures along with a number of undisclosed current and former executives from social network Facebook, Google and online auction company Ebay’s PayPal financial payments division.
Wesley Chan, partner at Google Ventures and former lead product manager of Google Analytics, said: “We are excited by the strong track record of the Freshplum team and look forward to working with them as they build out tools that eliminate the guesswork behind pricing and marketing for retailers.”
Sam Odio, Freshplum co-founder, added: “Eighty-two percent of the companies we talk to price their products on a ‘hunch’ because they lack the tools necessary to dive deep into the data. Freshplum solves this problem by providing those tools that eliminate the guesswork behind pricing and other sales decisions.”
Freshplum was founded by Sam Odio, Michael Yuan, and Nick Alexander. Odio was working at Facebook (the acquirer of his last company, Divvyshot,) and Alexander was preparing to matriculate at Harvard Business School when Paul Graham of Y Combinator convinced them to pursue the idea.