GoExpedi Secures $25 Million in Series C Funding
This capital raise, which follows the company's November 2019 $25 million Series B raise, brings the total to $75 million of equity and debt capital and continues fueling GoExpedi's suite of integrated tech applications for the industrial sector.
HOUSTON, Sept. 16, 2020 /PRNewswire/ -- GoExpedi, an innovative e-commerce, supply chain and analytics company that is reinventing procurement for industrial and energy MRO, today announced the closing of $25 million in Series C funding led by Top Tier Capital Partners with key participation from other investors such as Crosslink Capital, San Jose Pension Fund, CSL Ventures, Bowery Capital, Hack VC, and others. This capital raise, which follows the company's November 2019 $25 million Series B raise, brings the total to $75 million of equity and debt capital and continues fueling GoExpedi's suite of integrated tech applications for the industrial sector.
Expanding beyond energy into adjacent markets, GoExpedi will use the latest round of funding to accelerate the development and scale of its machine learning software, robotics, and advanced analytics technologies to transform industrial businesses into intelligent enterprises. Furthermore, it will further deepen an already robust talent pool of industry experts and top tech talent. Its end-to-end suite of applications and meticulous cataloging system enables spending transparency, lowering costs and unplanned downtime. Mounting demand reinforces the need for a technology that will help reduce capital expenditures and mitigate financial risk in today's market.
"This new injection of capital will help us advance our digital platform for MRO and supply chain systems and accelerate the rollout of our new robotics operations, as well as deepen our technology team to help us meet new, insatiable demand," said Tim Neal, CEO of GoExpedi. "Leveraging our intuitive, customer-focused, and interactive intelligence platform is a no-brainer for companies seeking to modernize their respective supply chains. Our strong cash flow coupled with our innovative technologies are positioning us far beyond other market offerings and attracting significant interest from the industrial space. We look forward to continuing our exponential growth and helping more customers that are in need of our proven technology and services."
Founded in 2017, GoExpedi's platform helps fill a critical void in the industry and empowers clients with leading-edge solutions to keep them ahead of the curve. The company has reimagined an antiquated procurement process in energy and transcended the typical model with its inventive software solution. Its e-commerce platform digitizes the supply chain, easing critical communication between field workers and management to create a fully transparent and integrated ecosystem.
"We are responding to the market's heightened demand and overwhelmingly positive response from energy and industrial clients to GoExpedi's state-of-the-art digital solutions by increasing our exposure to this thriving company," said Garth Timoll, Sr., Managing Director at Top Tier Capital Partners. "We are pleased to support GoExpedi's impressive build-out of additional technology and robotics as they continue to grow and expand into new markets."
GoExpedi's platform provides an interactive dashboard with advanced spending reports, product tracking, and risk management tools to maximize efficiency and visibility across an organization. It delivers fast, error-free MRO, enabling high-level transparency in price, supplier choice, and availability, and streamlining vendor and customer relationships.
About GoExpedi
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 oilfield 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 protected].
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SOURCE GoExpedi
