Fast-growing Houston e-commerce startup closes $25M series C
A Houston-based industrial supply chain and analytics company has announced that it has closed its series C round this week.
GoExpedi raised $25 million in series C funding led by San Francisco-based Top Tier Capital Partners with participation from San Jose Pension Fund, Houston-based CSL Ventures, San Francisco-based Crosslink Capital and Hack VC, New York-based Bowery Capital, and more. Last year, GoExpedi raised $25 million in a series B round — also led by Top Tier Capital — and $8 million in a series A just a few months before.
"This new injection of capital will help us advance our digital platform for MRO and supply chain systems and accelerate the rollout of our new robotics operations, as well as deepen our technology team to help us meet new, insatiable demand," says Tim Neal, CEO of GoExpedi, in a news release. "Leveraging our intuitive, customer-focused, and interactive intelligence platform is a no-brainer for companies seeking to modernize their respective supply chains.
Founded in 2017, the e-commerce, supply chain, and analytics company, is using the funds to expand beyond energy into adjacent markets and further develop its machine learning software, robotics, and advanced analytics technologies. According to the release, the company also plans to hire.
"Our strong cash flow coupled with our innovative technologies are positioning us far beyond other market offerings and attracting significant interest from the industrial space," Neal continues. "We look forward to continuing our exponential growth and helping more customers that are in need of our proven technology and services."
GoExpedi's end-to-end technologies prioritize cost-cutting efficiency and upgrades the energy industry's usually outdated procurement system — all of which is attractive to the company's investors.
"We are responding to the market's heightened demand and overwhelmingly positive response from energy and industrial clients to GoExpedi's state-of-the-art digital solutions by increasing our exposure to this thriving company," says Garth Timoll, senior managing director at Top Tier Capital Partners. "We are pleased to support GoExpedi's impressive build out of additional technology and robotics as they continue to grow and expand into new markets."