RigUp, a US-based energy workforce tool provider backed by industrial and power technology conglomerate General Electric, has raised $28.7m in funding from undisclosed investors, according to a regulatory filing.
Founded in 2014, RigUp operates a marketplace that enables operators and service providers in the energy sector covering oil and gas, solar and wind power installations, to source, manage and pay contractors. It has also built a digital marketplace allowing users to onboard and pay vendors.
The company additionally provides an app for managed field services that enables clients to post tasks and receive confirmation from a qualified provider in minutes, compared to the weeks traditionally required by a manual process. It is targeting $78.7m in the new round, according to the filing.
RigUp has raised approximately $423m in equity financing to date, most recently closing a $300m series D round in October 2019 led by Andreessen Horowitz that included Founders Fund, Bedrock Capital, Quantum Energy Partners, Baillie Gifford and Brookfield Growth Partners.
Founders Fund had led a $60m series C round for the company in January the same year that was also backed by Quantum Energy Partners, Bedrock Capital and Global Reserve Group at a reported $300m valuation.
General Electric’s corporate venturing arm, GE Ventures, took part in RigUp’s $15m series A round in 2016 together with Frees VC, Moore Capital and existing investors Box Group, Great Oaks Venture Capital and Founders Fund.
