RigUp, a US-based oilfield services marketplace operator backed by industrial equipment manufacturer General Electric (GE), collected $60m on Tuesday in a series C round led by venture capital firm Founders Fund.
The round also featured private equity firm Quantum Energy Partners, VC firm Bedrock Capital and advisory and investment firm Global Reserve Group, valuing RigUp at $300m according to Axios.
Founded in 2014, RigUp has created a mobile app that enables oilfield operators and service providers to find and connect with independent prequalified contractors operating in the industry.
Contractors have to pass drug screenings and background checks before they can join the company’s network, and the platform can also be used to handle invoicing and accounting tasks related to worker payment.
Xuan Yong, co-founder and chief executive of RigUp, said: “We are preparing to rapidly expand our products and services in response to a fast-growing customer base.
“When we started in 2014, we knew there was a huge opportunity for modernisation in the industry, and we are proud of the impact we have had in five years. With this round of funding, we are positioned to see that impact grow exponentially.”
The company has now raised a total of almost $94m in equity funding, including $15m in a 2016 series A round that included GE subsidiary GE Ventures, Frees VC, Moore Capital and existing investors Box Group, Great Oaks Venture Capital and Founders Fund.
RigUp secured a further $15.8m in a February 2018 series B round co-led by Quantum Energy Partners and Global Reserve that included Founders Fund and unnamed additional investors, alongside a $30m lending facility from Silicon Valley Bank.