RigUp Raises $15.8M in Series B Funding

RigUp, an Austin, Texas-based energy industry’s marketplace for on-demand services and labor, raised a $15.8m Series B funding.

Backers included Quantum Energy Partners and Global Reserve Group, Founders Fund and other existing investors.

The company, which has also secured a $30m credit facility from Silicon Valley Bank, intends to use the capital to strengthen its product with enhanced mobile features and streamlined payment solutions and to continue to build the product and sales teams.

Led by CEO and co-founder Xuan Yong, RigUp has leveraged its proprietary software to build a digital platform where buyers and service providers can connect and transact on a full range of oil field services. Its oilfield network platform enables buyers across the United States to streamline transactions and scale on demand by providing them access to 22,000+ service providers across 100+ service categories.



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