RigUp Raises $60 Million in Funding for Energy Industry Job Market

RigUp Raises $60 Million in Funding for Energy Industry Job Market

RigUp, the energy industry’s predominant marketplace for on-demand services and labor, has raised a $60 million Series C round led by Founders Fund. Existing investors including Quantum Energy Partners, Global Reserve Group, and Bedrock Capital also participated in the round. “We’re preparing to rapidly expand our products and services in response to a fast-growing customer base,” said CEO and co-founder Xuan Yong. “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.” In the next five years, approximately 50% of the oil and gas workforce is set to retire. Those positions will be filled by a tech-savvy generation that has come to expect the type of experience RigUp offers. A pre-qualified contract oilfield worker can get on the RigUp app, search for a job, and often find work within a matter