GoExpedi’s heavy industry procurement platform draws $33M from investors
Summary
Procurement and supply chain management platform GoExpedi announced Wednesday it has closed on $33 million in additional funding from new investors Tiger Global, Labyrinth Capital Partners, Cortes Capital (Loves private equity group), I2BF and FJ Labs to continue growing its technology for heavy industry.GoExpedi last raised $25 million in September 2020. However, if you need a piston and that doesnt arrive on time, it becomes a critical issue and it jeopardizes the uptime of your asset.Neal explained that while downtime can be costly to the industry and energy sectors, the process of procuring, shipping and receiving these parts is still outdated, consisting of phone calls and numerous emails to solidify one transaction of parts.In its first year, both co-founders would find these critical parts and deliver them in their own trucks, bootstrapping GoExpedi directly, driving up to 3,000 miles a week.After its initial seed round in April 2018, GoExpedi began to execute its platform solution to provide procurement and shipping services to its heavy industry customers.We built custom catalogs with customer logos to make it feel like an internal purchasing tool made just for them. That is how we have built the stickiness of our solution and we have had phenomenal growth, said Neal.We started working with the top five drilling contractors and we really grew into the remote industry sector in 2021. The utility sector, including solar power, and maritime are becoming fast growing for us, he continued.That growth has led GoExpedi to deliver over 2 million items to more than 3,000 manufacturers within an average of 2.5 days with 99% order accuracy, according to the company.With the new capital in hand, Neal is looking forward to adding to GoExpedis solutions within the companys platform so customers can continue to get ahead of their supply chain. GoExpedis strong growth is a testament to its state-of-the-art digital solutions, which provide blue-chip customers with a competitive advantage in a world of antiquated options.Watch now: Heavy goods logistics and delivery solutions for 2021Greenscreens.ai raises $5M to help logistics providers win more opportunitiesHwy Haul raises $10M to build produce book to keep reefer drivers busy