B2B Payments

GoExpedi Lands $25M For B2B eCommerce Technology

GoExpedi Lands $25M For B2B eCommerce Technology

B2B eCommerce and supply chain management platform GoExpedi has announced a $25 million funding round led by Top Tier Capital Partners.

CSL Ventures, Crosslink Capital, Bowery Capital, Blue Bear Capital and other existing investors also participated in the Series B round, GoExpedi said in its press release on Wednesday (Nov. 20).

The company offers a platform for the industrial and energy maintenance, repair and operations (MRO) industry. Companies can use the technology to procure goods, source suppliers and access logistics and delivery tracking services. GoExpedi currently services 20 industry clients.

The funding is the second for GoExpedi this year; the company previously raised $8 million in a round led by Crosslink Capital.

"This round of funding allows us to significantly accelerate our geographic expansion across North America as well as globally, further build out our technology platform, and expand our reach from the land drilling market to the offshore, midstream and downstream markets," explained GoExpedi CEO Tim Neal in a statement. "Since announcing our Series A round of financing in January 2019, we have signed several major customers and are expanding to meet their needs across the globe. This also positions us to take on other significant customers as we build out and deliver our unique capabilities as well as a value proposition that is revolutionizing the industry."

"It is clear that GoExpedi is onto something very unique," added Top Tier Capital Partners Managing Director Garth A.L. Timoll, Sr. in another statement. "In our conversations with GoExpedi's customers, they made it clear that the significant cost savings, combined with the platform's capability to provide spend transparency, order accuracy and speed, all customized to their workflow processes, are providing major benefits to their businesses."

GoExpedi's Neal spoke with PYMNTS earlier this year about the procurement challenges within the industry, particularly when it comes to spend analytics. “The current status quo of the industry is doing orders over the phone and email, so you get PDF quotes,” he said. “There is no real transparency into where expenditure lies.”

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

TRENDING RIGHT NOW