Austin-based MineralSoft announced on Wednesday that the company has raised $4 million in funding.
The company plans to use the funds to market its software platform, which helps mineral, royalty, investors and others manage their assets. MineralSoft also signed an exclusive partnership with oil and gas data provider Austin-based DrillingInfo.
Investors included Cottonwood Venture Partners, based in Houston. Earlier investors included Bear Capital and Y Combinator.
“50% or more of the value produced by an oil or gas well might be distributed to non-operating interest owners, yet the vast majority of tools in the market today were designed with the operator in mind,” Gabe Wilcox, CEO of MineralSoft, said in a news release. “We built our technology platform and services specifically for the non-op asset class and we’ve been met with a tremendous response so far – and with interest and investment in the category skyrocketing, MineralSoft is poised to grow accordingly.”
MineralSoft’s customers include private equity, investment funds, family offices, endowments, foundations, E&P companies, and individuals.
The company, launched in 2015, recently moved to larger headquarters in Austin. It is also expanding its sales and marketing efforts.
“Investment in mineral, royalty, and non-op interests has grown substantially over the last few years, but owners faced challenges and inefficiencies before MineralSoft’s product streamlined and optimized the management of those interests,” Jeremy Arendt, Managing Partner at CVP, said in a news release. “MineralSoft has established itself as the clear leader in the modernization of minerals management and we are excited to partner with the MineralSoft team.”