money moves

Fast-growing Houston e-commerce startup closes $25M series C

GoExpedi, a three-year-old e-commerce and supply chain startup based in Houston, has closed a $25 million round of funding. Photo via goexpedi.com

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GoExpedi's end-to-end technologies prioritize cost-cutting efficiency and upgrades the energy industry's usually outdated procurement system — all of which is attractive to the company's investors.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."

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Building Houston

 
 

Supporting and honoring our Hispanic-Latino clients is not just a month-long initiative, it is a long-term, generational investment in America and we are proud to be investing in a stronger economy for Houston now and for years to come. Photo via Getty Images

Every year at this time ― Hispanic Heritage Month ― we collectively celebrate the economic, cultural, and social contributions of the Hispanic-Latino community to our nation. We honor the work of past generations which have allowed children and future generations to benefit from more opportunities.

As diverse a community as is the world, we strive to build a future where there are no barriers for success, and at Bank of America, we do our part to make an impact by helping build Hispanic-Latino wealth in Houston.

The numbers are clear: The 2020 Census revealed that the Hispanic-Latino population in the United States rose to 62.1 million, making up 18.7 percent of the total U.S. population and accounting for slightly more than half (51.1 percent) of the population growth between 2010 and 2020. Hispanic-Latinos now open more small businesses than any other group in the country and are also the fastest-growing demographic of small business owners across the nation. It is not surprising that Hispanic-Latino economic power continues to rise year after year. According to Nielsen Scarborough, the number of Houston Hispanic businesses have increased 85 percent since 2013.

Investing in business

Investing in Hispanic-Latino wealth means supporting entrepreneurs so they are set up for success. Early-stage funding is critical for the growth of a new business, especially when Hispanic-Latino entrepreneurs are still faced with gaps in financial literacy and business education, funding, and networking opportunities.

According to data from Crunchbase, Latino-founded startups accounted for only 2.1 percent of venture investments in the U.S. last year. This is unjustifiable.

As part of our commitment to advancing racial equality and economic opportunity, we have dedicated $350 million in minority- and women-led companies through capital investment by mission-focused venture funds. Of the funds we have in our portfolio, one in every four are led by Hispanic-Latino managers, providing capital that will help entrepreneurs and small business owners grow their businesses, create jobs, and improve financial stability.

An important element to creating opportunities for Hispanic-Latinos to build wealth, whether as a business owner or an employee, is ensuring that young people recognize higher education as a pathway to achieve success. That means partnering with colleges and universities and investing in job creation, skills-building, and support services for students to do so. Locally, we do this with EMERGE Fellowship and with the University of Houston College of Medicine. When we invest in students, we are investing in future professionals and business leaders who will build Hispanic-Latino wealth and contribute to Houston’s economy and culture. This is something we can celebrate together for years to come.

Investing in sustainable homeownership

Sustainable homeownership provides a lasting investment for future generations and cycles capital into the community. The National Association of Hispanic Real Estate Professionals (NAHREP) recently released data showing an increase in Latino homeownership, from 47.5 percent in 2019 to 48.4 percent in 2021, the highest level since the mid-2000s. Through the Community Homeownership Commitment, which provides low down payment loans and closing cost grants, families can take their savings and turn them into lasting legacies. It is a pillar for families to build wealth.

Here in Houston, we also support organizations that assist with homeownership, like Tejano Center, Avenue CDC, and Houston Habitat for Humanity. Building Hispanic-Latino home equity increases the amount of capital families can use now or in the future helping build our Houston economy.

During the past decade, the rate of Hispanic-Latino economic development has far outpaced rates among non-Hispanics. Supporting and honoring our Hispanic-Latino clients is not just a month-long initiative, it is a long-term, generational investment in America and we are proud to be investing in a stronger economy for Houston now and for years to come.

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Rick Jaramillo is the market executive for Bank of America Houston.

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