- E-commerce, supply chain, and analytics company GoExpedi announced it has raised $25 million in funding
GoExpedi — an innovative new e-commerce, supply chain, and analytics company that is reinventing procurement for industrial and energy MRO (maintenance, repair, and operations) — has announced it raised $25 million in Series B funding. The round of funding was led by Top Tier Capital Partners, along with CSL Ventures, Crosslink Capital, Bowery Capital, Blue Bear Capital, and other current investors.
Currently, GoExpedi provides over 200,000 critical parts and supplies — with complete transparency on price — supplier choice and availability through its online e-commerce platform. And through these services, the company delivers fast and error-free MRO at significantly lower costs than traditional providers. And GoExpedi currently serves a diversified portfolio of over 20 customers including two of the top five drilling contractors in the US.
“This round of funding allows us to significantly accelerate our geographic expansion across North America as well as globally, further build out our technology platform, and expand our reach from the land drilling market to the offshore, midstream and downstream markets,” said GoExpedi CEO Tim Neal. “Since announcing our Series A round of financing in January 2019, we have signed several major customers and are expanding to meet their needs across the globe. This also positions us to take on other significant customers as we build out and deliver our unique capabilities as well as a value proposition that is revolutionizing the industry.”
GoExpedi is revolutionizing the industry by utilizing technology throughout every aspect of the business thus providing a significantly lower cost of operations with higher accuracy and speed while passing the benefits along to both suppliers and customers who are part of their supply chain.
“It is clear that GoExpedi is onto something very unique,” added Garth Timoll, Sr., Managing Director at Top Tier Capital Partners. “In our conversations with GoExpedi’s customers, they made clear that the significant cost savings, combined with the platform’s capability to provide spend transparency, order accuracy and speed, all customized to their workflow processes are providing major benefits to their businesses.”
GoExpedi’s innovative supply chain allows parts to be delivered promptly and typically at 25% less cost than other established players. And the company fulfills its own last-mile transport and provides accurate tracking thus ensuring customers get on-time deliveries without wasting time having to follow up on orders.
