What is RigUp?
RigUp, founded in 2014 and based in Austin, Texas, operates a robust digital platform designed to streamline connections and transactions between buyers and service providers across the full spectrum of oil field services. The company's innovative approach addresses critical needs within the energy industry by facilitating efficient procurement and management of essential services, thereby enhancing operational efficiency and reducing costs for its users. This digital transformation initiative positions RigUp as a key player in modernizing the oil and gas service sector.
How much funding has RigUp raised?
RigUp has raised a total of $423.8M across 6 funding rounds:
Angel/Seed
$3M
Series A
$15M
Series B
$15.8M
Debt
$30M
Series C
$60M
Series D
$300M
Angel/Seed (2014): $3M with participation from Great Oaks Venture Capital, Boxgroup, and Founders Fund
Series A (2016): $15M led by Great Oaks, GE Ventures, Box Group, FreeS VC, Moore Capital, and Founders Fund
Series B (2018): $15.8M supported by Founders Fund
Debt (2018): $30M featuring Silicon Valley Bank
Series C (2019): $60M backed by Quantum Energy Partners, Bedrock Capital Management, Founders Fund, and Global Reserve Group
Series D (2019): $300M with participation from Bedrock Capital Management, Quantum Energy Partners, Andreessen Horowitz, and Founders Fund
Key Investors in RigUp
Bedrock Capital Management
Bedrock Fund Management is a technology investment firm focused on identifying and capitalizing on market narrative violations, aiming to provide innovative investment solutions.
Quantum Energy Partners
Quantum Energy Partners is a global provider of private equity, credit, and venture capital to the energy and energy transition sectors, having managed over $18 billion in capital commitments.
Andreessen Horowitz
Andreessen Horowitz is a prominent venture capital firm known for investing in technology companies across various stages.
What's next for RigUp?
With significant capital infusions, RigUp is poised for continued expansion and technological advancement. The enterprise-level funding suggests a focus on scaling operations, enhancing platform capabilities, and potentially exploring new market segments within the energy industry. Strategic investments indicate a focus on partnerships and synergistic growth opportunities. RigUp's trajectory points towards solidifying its leadership in the digital oil field services marketplace, leveraging its technology to drive further innovation and efficiency.
See full RigUp company page
