Austin’s RigUp Adds $60M For Service That Finds Oil And Gas Workers

Energy industry startup RigUp has added $60 million in new funding for its service that aims to connect oilfield workers who are looking for a job with oil and gas companies.

The financing is Austin, TX-based RigUp’s Series C funding round and was led by Founders Fund, the San Francisco venture firm started by PayPal co-founders Peter Thiel, Ken Howery, and Luke Nosek. Earlier investors Energy Partners, Global Reserve Group, and Bedrock Capital also participated.

RigUp raised a $15.8 million funding round in February of 2018 to build out mobile features for its online marketplace, as well as to make new hires. Founders Fund, known for a wide range of big-name investments in companies including SpaceX and Stripe, also participated in the Series B deal and in a $15 million Series A funding round in 2016. RigUp added $3 million in 2014, the year it was founded, according to a securities filing.

About 50 percent of the oil and gas workforce may retire in the next five years, RigUp says. The company hopes to help its customers attract younger workers through its app, where prospective employees can search for and quickly find a job. Employers that use the app will save money on labor costs, find workers faster, and reduce the administrative work they must do, RigUp says.

Source: Xconomy