What is RigUp?
Founded in 2014 and headquartered in Austin, Texas, RigUp has established a sophisticated digital platform that facilitates seamless transactions between energy companies and service providers. By digitizing the traditionally fragmented oil field services market, the company provides a centralized hub for procurement, compliance, and workforce management. This technological intervention has effectively reduced operational friction, allowing for greater transparency and efficiency in a sector historically reliant on manual processes and legacy communication methods. RigUp's market position is defined by its ability to scale enterprise-level solutions that address the complex, high-stakes requirements of the global energy industry.
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 Boxgroup, Great Oaks Venture Capital, and Founders Fund
Series A (2016): $15M led by Box Group, Moore Capital, Great Oaks, Founders Fund, FreeS VC, and GE Ventures
Series B (2018): $15.8M supported by Founders Fund
Debt (2018): $30M featuring Silicon Valley Bank
Series C (2019): $60M backed by Global Reserve Group, Founders Fund, Quantum Energy Partners, and Bedrock Capital Management
Series D (2019): $300M with participation from Andreessen Horowitz, Founders Fund, Quantum Energy Partners, and Bedrock Capital Management
Key Investors in RigUp
Founders Fund
Founders Fund invests in the world's most important and valuable companies across all geographies, sectors and stages. The firm's partners have been founders and early funders of companies including PayPal, SpaceX, Palantir, Anduril, Airbnb, Stripe and Facebook.
Quantum Energy Partners
Quantum Energy Partners is a leading global provider of private equity and venture capital to the responsibly sourced energy and energy transition sectors, managing significant capital commitments for the sustainable energy ecosystem.
Bedrock Capital Management
Bedrock Fund Management is a technology investment firm focused on identifying and capitalizing on narrative violations in the market, providing innovative solutions for emerging trends.
What's next for RigUp?
With the support of major institutional backers, RigUp is well-positioned to expand its footprint within the energy ecosystem. The company's trajectory suggests a focus on deepening its software capabilities and potentially diversifying its service offerings to include broader industrial applications. As the energy sector undergoes a transition toward more sustainable and efficient operational models, RigUp's platform is poised to serve as the foundational layer for digital transformation. Future strategic initiatives will likely prioritize the integration of advanced data analytics and automated compliance tools to further solidify its competitive advantage in the marketplace.
See full RigUp company page
