Oil and gas companies might be going through the downside of lower energy prices, but a provider of B2B ecommerce services to the energy industry just got a big lift from new investors.
GoExpedi, a Houston-based company that supplies ecommerce services for companies that sell maintenance, repair and operations (MRO) products to energy companies, has raised $25 million from a group including Top Tier Capital Partners, CSL Ventures, Crosslink Capital, Bowery Capital, Blue Bear Capital, among others.
The company, which launched in 2017, will use new round of funding to expand in the United States and elsewhere and for ongoing technology development, the company says. “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,” says GoExpedi co-founder and CEO Tim Neal.
GoExpedi provides oil drilling and related energy companies with an online procurement platform that allows for ordering and reordering of MRO products, the company says. The GoExpedi website, at GoExpedi.com, includes interactive schematic diagrams for the ordering of complex parts, transparent pricing from a variety of manufacturers, and product performance data based on in-field use, the company says.
More than 200,000 items
GoExpedi provides more than 200,000 parts and supplies on its ecommerce platform and has a diversified portfolio of more than 20 customers, including two of the top five drilling contractors in the U.S., although GoExpedi didn’t break out specific names.
GoExpedi now has four warehouse locations with two distribution centers in Houston and Cheyenne, Wyoming, and two Texas fulfillment centers in Odessa and Poteet.
“We see GoExpedi as an Amazon for the energy industry and a technology platform that allows for easy and one-stop procurement,” Neal says.
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