RigUp

RigUp is a technology company offering a platform for supporting the energy workforce that is headquartered in Austin, Texas and was founded in 2014 by Mike Witte, Xuan Yong, and Sandeep Jain. The RigUp platform offers its users the ability to connect skilled contractors with service providers and operators. The platform also allows users to manage paperwork associated with contractors and supervisors, risk management, and vendor contact information. Notable companies using RigUp include: Anadarko Petroleum Corporation, Parsley Energy, Amerdev, Anadarko, XTO Energy, Gulfport, Noble Energy, and Bp.

Funding

Series B

On February 6, 2018 RigUp completed their series B funding round with $15.8 million in funding from Quantum Energy Partners, Global Reserve Group, Founders Fund, and previous investors. The company also secured a $30 million credit facility from the Silicon Valley Bank that the company announced alongside their series B funding. RigUp plans on using their series B funding and credit facility to enhance the mobile features of its platform, streamline payment solutions, and expand the product and sales teams.

Series C

On January 29, 2019 RigUp completed their series C funding round with $60 million in funding from Founders Fund (lead investor), Quantum Energy Partners, Global Reserve Group, and Bedrock Capital. The CEO and co-founder of RigUp, Xuan Yong, made the following statement regarding the companies series C funding round:

We're preparing to rapidly expand our products and services in response to a fast-growing customer base. When we started in 2014, we knew there was a huge opportunity for modernization in the industry, and we're proud of the impact we've had in five years. With this round of funding, we're positioned to see that impact grow exponentially.

Series D

On October 10, 2019 RigUp completed their series D funding round with $300 million in funding from Andreessen Horowitz (lead investor), Founders Fund, Bedrock Capital, Quantum Energy Partners, Baillie Gifford, and Brookfield Growth Partners. The company plans on using the funding to continue to grow the company, hire more employees, and expand into renewable energy, midstream oil and gas, downstream operations.