RigUp Raises $60 Million in Series C Funding Led by Founders Fund (January 29, 2019)
Summary
A RigUp company news page dated January 29, 2019, Austin, Texas, announcing that RigUp raised a $60 million Series C round led by Founders Fund. Existing investors Quantum Energy Partners, Global Reserve Group and Bedrock Capital also participated, and the page says RigUp has raised $90 million+ to date. CEO and co-founder Xuan Yong and Napoleon Ta, Partner at Founders Fund, are quoted. The page states an estimate of 25% savings on variable labor costs for operators and that approximately 50% of the oil and gas workforce is set to retire in the next five years.
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“RigUp Raises $60 Million in Series C Funding Led by Founders Fund (January 29, 2019).”
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Let's get you to the right person. Capital Management I’d like a demo of your Capital Management solutions Workforce Management I’d like a demo of your Workforce Management solutions Vendor Services I’d like to learn more about joining the RigUp Vendor Network Job Placement & Career Services I’m a consultant and would like to apply for new opportunities, or to bill through RigUp We use cookies to improve your experience on our website. By using our website you consent to our privacy policies and our terms of service. Allow Cookies Decline Thank you. Your preferences have been saved. Help RigUp Raises $60 Million in Series C Funding Led by Founders Fund By No items found. January 29, 2019 - Austin, TX Company News RigUp Raises $60 Million in Series C Funding Led by Founders Fund January 29, 2019 - TX Company News RigUp, the energy industry’s fastest growing tech startup, has raised $90 million+ to date. Austin, Texas, January 29, 2019 — 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. Read the official press release here . About RigUp RigUp empowers the people who power the world. Founded in Austin, Texas, in 2014, RigUp’s marketplace is improving the lives of contractors and helping service providers and operators find people who will get the job done. For more information on RigUp, please visit RigUp.com. About Founders Fund Founders Fund is a San Francisco based venture capital firm investing in companies building revolutionary technologies. Media Contact Carly Curran Strategy Guide: Win the First 100 Days of M&A Integration DOWNLOAD THE REPORT RigUp, the energy industry’s fastest growing tech startup, has raised $90 million+ to date. Austin, Texas, January 29, 2019 — 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. Read the official press release here . About RigUp RigUp empowers the people who power the world. Founded in Austin, Texas, in 2014, RigUp’s marketplace is improving the lives of contractors and helping service providers and operators find people who will get the job done. For more information on RigUp, please visit RigUp.com. About Founders Fund Founders Fund is a San Francisco based venture capital firm investing in companies building revolutionary technologies. Media Contact Carly Curran Workrise Bid Management: Product Overview No items found. No items found. Video No items found. www.rigup.com/articles/rigup-raises-60-million-in-series-c-funding-led-by-founders-fund Copy Link to Share References Related Stories RigUp Acquires Codeco-Vanoco Engineering RigUp is pleased to share that we have acquired Codeco-Vanoco Engineering, a highly respected Calgary-based engineering and staffing firm with nearly 40 years of experience serving the energy industry in Canada. Read more Back to the Future: Workrise is Now RigUp When the company was founded in 2014, it was called RigUp. We’ve been known as Workrise since 2021 — and as of Sept. 4, we will be RigUp once again Read more RigUp Licenses Shell's U-Lateral Drilling Technology for the US We are thrilled to announce that RigUp will exclusively license Shell’s U-lateral drilling technology to energy companies across the US. Read more In an Energy Ecosystem Full of Tools, Finally a True Solution: Introducing RigUp Vendor Management In energy, the journey from sourcing new vendors to verifying and paying for completed work is a fractured, overly complicated, and error prone process. RigUp Vendor Management is the solution to this problem. Read more
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