RELEASE: GoExpedi, an innovative e-commerce, supply chain and analytics company that is reinventing procurement for industrial and energy MRO (maintenance, repair and operations), today announced it raised a $15 million debt facility from Silicon Valley Bank (SVB). The additional liquidity will be used to significantly expand GoExpedi’s warehouse capacity throughout North America and hire additional software developers to meet the accelerated demand for its innovative, cost-saving solutions.
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 more than 20 customers including two of the top five players in oil and gas.
“In this new market cycle, we are seeing tremendous demand for the operational cost savings, purchasing transparency, and management control tools that GoExpedi is providing to help the energy industry right-size their operations,” said Tim Neal, CEO of GoExpedi. “Following on the heels of our $25 million Series B raise, we have signed several major customers and are expanding to meet their needs across the globe, positioning us to take on other significant players as we build out and deliver our unique capabilities and value proposition that are revolutionizing the industry.”
“We are very pleased to provide this capital to GoExpedi at this critical point in the growth of their business,” said Kelly Belcher, Director, Silicon Valley Bank (SVB). “They have demonstrated to us, and to the market, how strong their value proposition is for their services as they continue such rapid growth through the challenging economic cycle we are experiencing now.”
Unlike the traditional players in the energy MRO space, GoExpedi is revolutionizing the sector by utilizing technology throughout every aspect of the business, which provides companies a significantly lower cost of operations with higher accuracy and speed, and the ability to pass the benefits along to both suppliers and customers of their supply chain.
GoExpedi’s innovative supply chain allows parts to be delivered at typically a price that’s 25 percent less than other established players. The company fulfills its own last mile transport and provides accurate tracking, ensuring customers get on-time deliveries so that they don’t waste resources following up on orders.