Webvan, an online grocery start up, may have been the single and most expensive flame out of the online era. The internet based business blew through more than US$800 million in venture capital and initial offering proceeds in a span of three years. In 2001, it finally shut its doors.
After twelve years, Webvan is rising from ashes. The rise is through a form of an online grocery firm called AmazonFresh.
Key Amazon.com Inc. executives are former Webvan officials as well. These are Doug Herrington, Peter Ham, Mark Mastandrea and Mick Mountz.
Last year Kiva Systems, a robotics firm, was bought by Amazon for US$775 million. This was one of its biggest ever acquisitions. The ideas and technologies in the firm was originally developed at Webvan. Kiva Systems is a key part in the AmazonFresh strategy.
The Amazon Empire also has full control of the old Webvan's Web address, webvan.com.
Amazon declined to give statements on said report. Officials for AmazonFresh were also not available to comment.
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