GoExpedi, an innovative new e-commerce, supply chain and analytics company that is reinventing procurement for industrial and energy MRO (maintenance, repair and operations), today announced it raised $25 million in Series B funding. The investment was led by Top Tier Capital Partners, alongside CSL Ventures, Crosslink Capital, Bowery Capital, Blue Bear Capital and other current investors.
GoExpedi provides more than 200,000 critical parts and supplies, with complete transparency on price, supplier choice and availability through its online e-commerce platform. Through these services the company delivers fast, error-free MRO at significantly lower costs than traditional providers. 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 Tim Neal, CEO of GoExpedi. "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."
"It is clear that GoExpedi is onto something very unique," said Garth A.L. 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."
Unlike the traditional players in the Energy MRO space, GoExpedi is revolutionizing the industry by utilizing technology throughout every aspect of the business, 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.
GoExpedi's innovative supply chain allows parts to be delivered promptly, and typically at 25 percent less cost than other established players. The company fulfills its own last mile transport and provides accurate tracking, ensuring customers get on-time deliveries without wasting time having to follow up on orders.
Launched in 2017 and based in Houston, Texas, GoExpedi provides more than 200,000 critical parts and supplies with complete transparency on price, supplier choice and availability through its online e-commerce platform. The Company's innovative supply chain model has created a business that delivers the right part, at the right time, overcoming a fundamental challenge for the industry. Staffed by experts with rig management experience and backed by innovative technology, GoExpedi delivers an incredible service at a lower cost than traditional suppliers. For more information on GoExpedi, visit www.goexpedi.com or email email@example.com.
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