RigUp is a rapidly growing Austin, Texas-based energy company for on-demand services and labor for the energy industry. Through RigUp, energy companies are able to find candidates for certain jobs. And qualified candidates can find work through RigUp as well.
This is important because approximately 50% of the oil and gas workforce is set to retire in the next five years. And those positions are going to be filled with a tech-savvy generation who expect experiences that RigUp developed. For example, a pre-qualified contract oilfield worker can go on the RigUp app, find a job, and then continuously find work within days.
Recently, RigUp announced that it has raised $60 million in Series C funding led by Founders Fund. Previous investors that joined this round include Quantum Energy Partners, Global Reserve Group, and Bedrock Capital. Including this round, RigUp has now raised more than $90 million.
“We’re preparing to rapidly expand our products and services in response to a fast-growing customer base,” said RigUp CEO and co-founder Xuan Yon in a statement. “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.”
Through RigUp, operators save about 25% on variable labor costs and it helps them scale labor resources up to three times faster. Many engineers and project managers working for large services companies or E&P companies utilize the service to hire quickly, track contractor compliance, and minimize their 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,” added Founders Fund partner Napoleon Ta.
Prior to launching RigUp Yong used to be an energy investor at Citadel and D.E. Shaw and started out his career as an energy analyst at Goldman Sachs. And RigUp co-founder and COO Michael Witte previously worked as Encana Corporation as a petroleum engineer.
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