[Context: On August 14, Blue Bear Capital and Bowery Capital announced an investment in Houston-based Expedi, an industrial procurement service. Further details and related links are below.]
Expedi | Blue Bear Capital | Bowery Capital
Expedi Raises $2.25 Million Seed Round to Re-Invent Industrial Procurement
HOUSTON, August 14, 2018 (Newswire.com) – Expedi Inc. CEO Tim Neal did not just set out to build just another online marketplace. Neal is re-inventing industrial procurement and bringing it into the modern era.
Initially focused on North American oil producers, Expedi is re-inventing MRO procurement. What used to be a manual, error-prone process to keeping rigs running is being turned on its head. With Expedi’s innovative technology and rapid supply chain, they’re delivering fast, error-free MRO at significantly lower costs than the established providers.
CEO Tim Neal says, “The demand we’re experiencing from customers is amazing. To meet the overwhelming demand, we decided a few months ago to raise capital to accelerate the build-out of our technology platform and operations. We’re especially pleased we were able to pull together an oversubscribed round led by Bowery Capital , energy-focused investor Blue Bear Capital and joined by several angel and industry investors.”
Industry veteran and advisor to Expedi Neil Hall, VP of HSE, Quality & Maintenance at a leading offshore drilling contractor, adds, “The procurement platform and supply chain management capabilities that Expedi has launched in such a short period of time are really impressive. We see great potential for them to help companies in the offshore O&G market as they build out their platform.”
Launched just last year, Expedi provides over 200,000 critical parts and supplies, with complete transparency on price, supplier choice and availability through their online e-commerce platform. Their innovative supply chain model has created a business that delivers the right part, at the right time, overcoming a fundamental challenge for the industry. Staffed by experts with rig management experience and backed by innovative technology, Expedi is able to deliver an incredible service at a lower cost than traditional suppliers.