RigUp, a US-based oilfield workforce platform operator that counts industrial technology conglomerate General Electric (GE) as a backer, has raised $300m in series D funding, the Wall Street Journal has reported.
Venture capital firm Andreessen Horowitz led the round, which included Baillie Gifford, Bedrock Capital, Brookfield Growth Partners, Founders Fund and Quantum Energy Partners, taking the company’s overall funding to more than $450m since it was founded in 2014.
RigUp’s online portal connects oilfield operators and service providers to independent contractors and sellers in the energy sector. Founders Fund led a $60m series C round for the company in January this year featuring Bedrock Capital, Global Reserve Group and Quantum Energy Partners.
The round after RigUp raised $15.8m in an early 2018 series B round co-led by Quantum Energy Partners and Global Reserve Group that included contributions from Founders Fund and undisclosed investors. Silicon Valley Bank supplied another $30m of debt financing as part of the deal.
The company had secured $15m in a series A round backed by GE, which participated through its corporate venturing arm GE Ventures, as well as Box Group, Founders Fund, Frees VC, Great Oaks Venture Capital and Moore Capital in 2016. It has now raised almost $394m in total.
