"Amazon for energy" startup nabs $8 million in funding
GoExpedi, a Houston-based supply chain company for the oil-and-gas sector that's aiming to be "Amazon for the energy industry" has raised $8 million in Series A funding.
Why it matters: The e-commerce company for maintenance, repair and operations — and their new cash — is a sign of how business practices in the booming shale sector are evolving as U.S. production surges.
Details: Crosslink Capital, alongside Bowery Capital, Blue Bear Capital, Hack VC, and SaaS Ventures led the funding round.
- It comes after a smaller seed round last July for the company, which started 2 years ago and now has roughly 20 customers including a major drilling contractor.
What's next: In addition to expanding its business, the company says the money will allow it to enhance its platform and analytics abilities by "creating a real time dashboard to do predictive work in addition to reactive maintenance."
- While the company's business is now largely focused on the shale patch, CEO Tim Neal told Axios they're looking to expand in multiple directions — geographically and to other sectors like wind.
What they're saying: “The energy logistics industry is a $1.7 trillion market worldwide, yet still operates from old school catalogues and phone orders,” Crosslink partner Matt Bigge said in a statement. He said GoExpedi's tech and expertise can help modernize the sector.