Freshplum, a startup that provides revenue analytics for e-commerce companies, announced it raised $1.4 million in seed funding today.
The round was led by New Enterprise Associates with participation Greylock Partners, Google Ventures, and Charles River Ventures.
The information Freshplum provides is intended to drive the sales decisions of e-commerce companies that live in the digital world. By looking at relevant statistics, digital commerce providers can more accurately evaluate how to price their products.
“Selling goods and services online continues to be more art than science,” said founder and serial entrepreneur Sam Odio. “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 participated in Y Combinator in the summer of 2011. It was Odio’s second time in YC; in 2009, he came to the incubator with his photo-sharing startup Divvyshot, which was later acquired by Facebook. Odio and co-founders Nick Alexander and Michael Yuan (also a Divvyshot employee) left their positions to build Freshplum.
Freshplum is currently developing its alpha product and has started to accept early customers. A wider release will be available later this year. The company is based in Palo Alto and already serving more than ten million API requests a day.