What is RigUp?
RigUp, founded in 2014 and headquartered in Austin, Texas, operates a comprehensive digital platform designed to streamline connections and transactions between buyers and service providers across the full spectrum of oilfield services. The company's innovative approach addresses critical inefficiencies in the energy sector by providing a centralized marketplace for procurement and service delivery. This digital transformation initiative aims to enhance operational efficiency, transparency, and cost-effectiveness for all stakeholders involved in oilfield operations, positioning RigUp as a key player in modernizing the energy services 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, Founders Fund, GE Ventures, Great Oaks, FreeS VC, and Moore Capital
Series B (2018): $15.8M supported by Founders Fund
Debt (2018): $30M featuring Silicon Valley Bank
Series C (2019): $60M backed by Founders Fund, Bedrock Capital Management, Global Reserve Group, and Quantum Energy Partners
Series D (2019): $300M with participation from Andreessen Horowitz, Quantum Energy Partners, Bedrock Capital Management, and Founders Fund
Key Investors in RigUp
Andreessen Horowitz
Andreessen Horowitz is a prominent venture capital firm known for investing in technology companies across various stages. Their involvement suggests a belief in RigUp's disruptive potential within the energy tech sector.
Quantum Energy Partners
Quantum Energy Partners is a leading global provider of private equity and venture capital focused on the energy sector, including energy transition and decarbonization. Their participation highlights RigUp's strategic importance in the evolving energy landscape.
Founders Fund
Founders Fund is a venture capital firm that invests in companies tackling significant challenges and opportunities across all sectors and stages. Their consistent backing of RigUp indicates a strong conviction in the company's long-term vision and execution capabilities.
What's next for RigUp?
The significant capital raised, particularly the recent major strategic investment, positions RigUp for accelerated expansion and further development of its digital platform. This substantial backing suggests a focus on scaling operations, enhancing technological capabilities, and potentially exploring new market segments or service offerings. The company is likely to leverage this financing to solidify its market leadership, invest in R&D for advanced features, and strengthen its network of service providers and clients. RigUp's trajectory indicates a strong commitment to driving innovation and efficiency within the oilfield services ecosystem, with future growth expected to be fueled by strategic partnerships and continued technological advancement.
See full RigUp company page
