GoExpedi Raises $8M Series A to Reinvent Industrial Procurement
GoExpedi e-commerce, supply chain and analytic capabilities bring antiquated energy market to modern era
HOUSTON, February 26, 2019 (Newswire.com) - 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 $8 million in Series A funding. The investment was led by Crosslink Capital, alongside Bowery Capital, Blue Bear Capital, Hack VC, and SaaS Ventures and other strategic angel investors.
GoExpedi provides over 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 one of the top three drilling contractors in the US.
“We see GoExpedi as an Amazon for the energy industry - a technology platform that allows for easy and one-stop procurement,” said Tim Neal, CEO of GoExpedi. “Since announcing our first seed round just six months ago in August 2018, GoExpedi has grown over 6 times in size, showing the demand for our product and the ability for technology to revolutionize the industry.”
“The energy logistics industry is a $1.7 trillion market worldwide, yet still operates from old school catalogues and phone orders,” said Matt Bigge, Partner at Crosslink Capital. “We believe GoExpedi’s technology and knowledge of rig management gives them the deep expertise needed to modernize an industry previously untouched by modern solutions.”
GoExpedi targets the new era of decision-makers around 30 years of age who are predominantly using online platforms to complete MRO procurement. It is the only online platform that provides interactive schematic diagrams to allow easy ordering of complex parts, transparent pricing and product performance data for each piece of equipment.
GoExpedi’s innovative supply chain allows parts to be delivered promptly, and at typically 25 percent less cost than other established players. The company fulfills its own last mile transport and provides accurate tracking, ensuring customers get ontime deliveries and don’t waste time following up on orders.
With the funding, GoExpedi plans to grow its geographical presence within the US and offshore. The company also plans to build out its technology platform and analytic capabilities by creating a real time dashboard to do predictive work in addition to reactive maintenance.
Launched in 2017 and based in Houston, Texas, GoExpedi provides over 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 is able to deliver an incredible service at a lower cost than traditional suppliers. For more information on GoExpedi, visit www.goexpedi.com or email email@example.com.