GoExpedi, an innovative new e-commerce, supply chain, and analytics company that is reinventing procurement for industrial and energy MRO (maintenance, repair, and operations), 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," says Tim Neal, CEO of GoExpedi. "Since announcing our first seed round just six months ago in August 2018, GoExpedi has grown over six 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," says 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 U.S. 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.