RigUp, the US-based operator of an online marketplace for oil industry equipment and services, has raised $15m in a series A round featuring General Electric, the Wall Street Journal has reported.
The industrial equipment manufacturer, which took part through its GE Ventures unit, invested together with Founders Fund, Box Group, Great Oaks Venture Capital, Frees VC and Moore Capital.
RigUp’s bidding, compliance and invoicing platform links oilfield service providers and equipment vendors with operators. The service itself is free to use, with RigUp looking to generate revenue through status as a subcontractor.
The company has now raised $18m altogether, having secured $3m in a June 2014 seed round led by Founders Fund and backed by Box Group, Great Oaks and undisclosed individual investors.