RigUp, an Austin, Texas-based energy industry’s marketplace for on-demand services and skilled labor, raised $300m in Series D funding.
The round, which brought total funding raised to date to more than $450m, was led by Andreessen Horowitz with participation from existing investors Founders Fund, Bedrock Capital, and Quantum Energy Partners and new investors Baillie Gifford and Brookfield Growth Partners. In conjunction with the funding, David George, general partner at Andreessen Horowitz, will join RigUp’s board.
The company intends to use the funds to continue expansion into renewable energy, midstream oil and gas, and downstream operations and hire at its Austin-based headquarters and Denver office.
Founded in 2014 by CEO Xuan Yong and and COO Mike Witte, RigUp connects field workers with energy companies operating in the upstream, renewables, midstream, and downstream sectors looking to efficiently source and manage skilled trade labor.
The company, which now has more than 300 employees across the United States, offers contract field workers access to a large network of energy companies, flexible payment terms, and streamlined access to partners that provide comprehensive healthcare benefits and training.
In 2019, RigUp will exceed $2 billion in gross service volume on its platform, more than a 200% increase from 2018.
FinSMEs
10/10/2019