RigUp, a US-based oilfield services marketplace operator backed by industrial equipment manufacturer General Electric (GE), has attracted $15.8m in a series B equity raise.
The round was co-led by private equity firm Quantum Energy Partners and advisory and investment firm Global Reserve Group, and included venture capital firm Founders Fund and unspecified additional investors.
The equity funding was secured together with a $30m lending facility agreed with Silicon Valley Bank.
Founded in 2014, RigUp runs a bidding, compliance and invoicing platform that links oilfield operators with service and equipment providers. The portal offers access to a network of more than 22,000 providers spanning more than 100 service categories.
RigUp will use the proceeds to add enhanced mobile features and streamlined payment facilities to the platform. It also plans to expand headcount in product and sales, while the lending facility has been earmarked to support revenue growth.
Napoleon Ta, a partner at Founders Fund, will join RigUp’s board of directors in connection with the round, which increased the company’s overall funding to $33.8m.
GE subsidiary GE Ventures contributed to RigUp’s $15m series A round in 2016 along with Founders Fund, Box Group, Great Oaks Venture Capital, Frees VC and Moore Capital.
Founders Fund led the company’s $3m seed round in 2014, investing together with Box Group, Great Oaks and undisclosed angel investors.