Newport Firm Invests in Web Wholesaler

Tech Coast Angels, a Newport Beach venture capital organization, headed an investment group that put $2.5 million into WholesaleExchange.com in Irvine, according to a press release issued Monday.

WholesaleExchange, which offers an electronic market for excess packaged groceries, said in its press release that it will use the funds to help market its Web site to businesses wanting to sell excess groceries and those searching for bulk buying bargains.

The company also said that it added two veteran high-technology venture capitalists, Linder C. (Charlie) Hobbs and John Kensey, to its board of directors.