CSL Ventures, Crosslink Capital, Bowery Capital, Blue Bear Capital and other current investors also participated in the round.
GoExpedi provides more than 200,000 critical parts and supplies, offering complete transparency on price, supplier choice and availability. As a result, its eCommerce platform is able to deliver fast, error-free maintenance, repair and operations (MRO) at significantly lower costs. GoExpedi currently serves over 20 customers, including two of the top five drilling contractors in the United States.
“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,” Tim Neal, CEO of GoExpedi, said in a press release. “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 Garth A.L. Timoll, Sr., managing director at Top Tier Capital Partners. “In our conversations with GoExpedi’s customers, they made 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 uses technology throughout every aspect of the business to provide a significantly lower cost of operations. In fact, its supply chain allows parts to be delivered faster, and typically at 25 percent less cost than other established players. In addition, the company fulfills its own last-mile transport and offers accurate tracking, ensuring on-time deliveries.