RigUp, the energy industry's predominant marketplace for on-demand services and labor, has raised a $60 million Series C round led by Founders Fund.
Existing investors including Quantum Energy Partners, Global Reserve Group, and Bedrock Capital also participated in the round.
“We’re preparing to rapidly expand our products and services in response to a fast-growing customer base,” said CEO and co-founder Xuan Yong. “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.”
In the next five years, approximately 50% of the oil and gas workforce is set to retire. Those positions will be filled by a tech-savvy generation that has come to expect the type of experience RigUp offers. A pre-qualified contract oilfield worker can get on the RigUp app, search for a job, and often find work within a matter of days.
RigUp estimates that they save operators 25% on variable labor costs and help them scale labor resources up to 3x faster. Engineers and project managers working for large services companies or E&P companies use the technology to hire quickly, track contractor compliance, and minimize administrative work.
“RigUp is solving interesting process problems in a part of the energy industry that hasn’t always been quick to adopt new technology. The platform has quickly gained traction in the market, and we feel that they’re well positioned for continued growth,” said Napoleon Ta, Partner at Founders Fund.
Source: Company Press Release