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.”