RigUp Lands $15.6 Million in Venture Capital Funding

Austin-based RigUp announced it has raised $15.8 million in funding.

The company, founded in 2014 as an online marketplace for services and labor for the energy industry, also secured a $30 million credit line from Silicon Valley Bank.

RigUp has raised $63.8 million to date, according to CrunchBase. The company plans to use the money for product development and to hire sales staff.

The company has created an online digital platform for oilfield services and personnel. The platform provides access to 22,000 service providers across more than 100 categories.

“Everything we’re doing is to help our service providers get more work and make more money,” CEO and co-founder Xuan Yong said in a news release. “Our service model continues to grow nicely every month. We’re excited to reach this milestone as a company and have Jeffrey Harris and the team at Quantum Energy Partners join us as investors. We are also pleased to welcome Napoleon Ta from Founders Fund to our board.”

Its investors for the Series B investment round included Quantum Energy Partners, Global Reserve Group, and Founders Fund.

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