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.