Austin-based RigUp announced it has raised $60 million in funding.

The company, founded in 2014 as an online marketplace for services and labor for the energy industry, has raised $123.8 million in funding to date. Founders Fund, based in San Francisco, led the Series C funding round with participation from existing investors Quantum Energy Partners, Global Reserve Group, and Bedrock Capital .

RigUp plans to use the money for product development.

“We’re preparing to rapidly expand our products and services in response to a fast-growing customer base,” CEO and co-founder Xuan Yong said in a news release. “When we started in 2014, we knew there was a huge opportunity for modernization in the industry, and we’re proud of the impact we’ve had in five years. With this round of funding, we’re positioned to see that impact grow exponentially.”

The company has created an online digital platform for oilfield services and personnel. RigUp expects about half of the oil and gas workforce to retire in the next five years. It has created the platform for pre-qualified contract oilfield workers to find a job quickly and easily.

RigUp estimates its platform can save companies time and money.

“RigUp is solving interesting process problems in a part of the energy industry that hasn’t always been quick to adopt new technology. The platform has quickly gained traction in the market, and we feel that they’re well positioned for continued growth,” Napoleon Ta, Partner at Founders Fund said in a news release.