Money moves

Houston oil and gas startup closes $25M series B round

GoExpedi's innovative platform makes it easier for oil and gas companies to find important parts and tools. Getty Images

Following its most recent funding round, a Houston e-commerce startup specializing in the oil and gas industry has big plans for growth.

GoExpedi has closed its $25 million series B funding round that was San Francisco-based Top Tier Capital Partners, with Houston-based Blue Bear Capital, Houston-based CSL Ventures, San Francisco-based Crosslink Capital, New York-based Bowery Capital, and other investors contributing too.

Founded in 2017, the e-commerce, supply chain, and analytics company, which closed its $8 million series A in January, is using the funds to up the ante on its growth plans.

"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 Tim Neal, CEO of GoExpedi, in a news 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."

The company has over 200,000 parts and supplies on its e-commerce platform for oil and gas companies to have easy access to along with price transparency and supplier choice.

"It is clear that GoExpedi is onto something very unique," says Garth A.L. Timoll, Sr., managing director at Top Tier Capital Partners, in the release. "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's clients, according to the release, includes over 20 companies with two if the top five drilling contractors in the United States. The platform operates with Amazon-like transparency, optimizing technology to provide tracking and timely delivery.

Photo via goexpedi.com

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Building Houston

 
 

Electric vans will now be delivering to Houston. Photo courtesy of Amazon

Amazon CEO/occasional space traveler Jeff Bezos is doing his best to supplant a certain jolly fellow from the North Pole as tops for holiday gift delivery.

His latest move: Amazon is rolling out more than 1,000 electric delivery vehicles, designed by electric vehicle manufacturer Rivian, ready to make deliveries in more than 100 cities across the U.S. On the Texas good list: Houston, Austin, and Dallas. Bezos' juggernaut began deliveries in Dallas in July, along with Baltimore, Chicago, Kansas City, Nashville, Phoenix, San Diego, Seattle, and St. Louis.

These zero-emissions vans have delivered more than 5 million packages to customers in the U.S., according to Amazon. The latest boost in vehicles now includes Houston and Austin; Boston; Denver; Indianapolis; Las Vegas; Madison, Wisconsin; Newark, New Jersey; New York, Oakland, California; Pittsburgh, Portland, Oregon; Provo, Utah; and Salt Lake City.

Plans for the Amazon and Rivian partnership call for thousands of vehicles on the road by the end of the year and 100,000 vehicles by 2030.

“We’re always excited for the holiday season, but making deliveries to customers across the country with our new zero-emission vehicles for the first time makes this year unique,” said Udit Madan, vice president of Amazon Transportation, in a statement. “We’ve already delivered over 5 million packages with our vehicles produced by Rivian, and this is still just the beginning—that figure will grow exponentially as we continue to make progress toward our 100,000-vehicle goal.”

This all comes as part of Amazon's commitment to reaching net-zero carbon by 2040, as a part of its The Climate Pledge; Amazon promises to eliminate millions of metric tons of carbon per year with it s commitment to 100,000 electric delivery vehicles by 2030, press materials note.

Additionally, Amazon announced plans to invest more than $1 billion over the next five years to further electrify and decarbonize its transportation network across Europe. This investment is meant to spark innovation and encourage more public charging infrastructure across the continent.

“Fleet electrification is essential to reaching the world’s zero-emissions goal,” said Jiten Behl, chief growth officer at Rivian, in a statement. “So, to see our ramp up in production supporting Amazon’s rollout in cities across the country is amazing. Not just for the environment, but also for our teams working hard to get tens of thousands of electric delivery vehicles on the road. They continue to be motivated by our combined mission and the great feedback about the vehicle’s performance and quality.”

A little about the vans: Drivers’ favorite features include a spacious cabin and cargo area, superior visibility with a large windshield and 360-degree cameras, and ventilated seats for fast heating and cooling — a must for Bayou City summers ... or winters, for that matter.

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This article originally ran on CultureMap.

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