Energy Tech Startup RigUp Rakes In $300 Million
RigUp, a marketplace for on-demand services and skilled labor for the energy industry, announced it has raised $300 million in Series D funding, bringing its grand total funding to $450 million.
Andreessen Horowitz led the funding round, with participation from Founders Fund, Bedrock Capital, Quantum Energy Partners, and other existing investors. Brookfield Growth Partners and Baillie Gifford have become RigUp’s newest investors.
RigUp, founded in 2014, offers a platform that matches contract workers with energy companies operating in the uptstream, renewables, midstream and downstream sectors looking to source and manage skilled trade labor efficiently. RigUp is on track to top $2 billion in gross service volume on its platform, more than 200% above last year, according to the company.
“RigUp is serving a workforce that, up until now, hasn’t been able to take advantage of the expanded opportunities technology affords,” said RigUp COO and co-founder Mike Witte, in a statement. “RigUp covers more than 100 energy industry service categories in every oil and gas basin and every major wind and solar region in the continental United States. That opens up enormous potential for workers and for energy companies looking to hire.”
“We are thrilled to be partnering with Xuan [Yong, co-founder and CEO of RigUp], Mike and the RigUp team as they continue to scale and expand upon their market opportunity,” said Andreessen Horowitz general partner David George, who will be joining RigUp’s board.
With this new funding, RigUp plans to continue expanding into renewable energy, midstream oil and gas, and downstream operations. They also plan to expand hiring at is Austin and Denver based offices.
Image credit: RigUp