Angel investment came from Andy Bechtolsheim, Prabhu Goel, Atiq Raza and others. Also, the company appointed Pete Rodriguez as president and chief executive officer. Ravender Goyal, founder and former CEO, has assumed the roles of chief operating officer and chairman of the board of directors. Currently, these transactions include warranty claim management, product registration and electronic payment. Future features will include product returns, replacement parts, service manuals and bulletins, order discrepancy resolution, quality and fraud analysis and consumer service satisfaction surveys.
Revenue is generated from manufacturers who pay a subscription fee plus fees per transaction.
VCAT led the Series A investment round and its managing director, Evan Anderson, will serve on eFresh Inc.'s board of directors. The company filed its IPO in March and since then dropped both the opening price and number of shares to be offered. Donaldson Lufkin Jenrette is the underwriter. The company is backed by Crest Communication Partners, BancBoston Investments, GE Capital Corp., PNC Venture Corp., PPM America and Prudential Securities. Venture backers include Goldman Sachs, Deutsche Banc Alex Brown, Arbor Investors and New Enterprise Associates.