Austin oil and gas technology startup RigUp has landed $15.8 million to fuel its growth.
Founded in 2014, RigUp has built an online platform that connects oil and gas companies and service companies.
Oilfield operators can use the RigUp platform to solicit vendor bids from service companies, automate pricing analysis and meet environmental, health and safety mandates.
RigUp received the funding from Quantum Energy Partners based in Houston and Global Reserve Group based in New York. The 60-person company has raised a total of $33.8 million in equity to date.
RigUp said the new Series B round of funding includes follow-on participation from founders and existing investors. The company said it also has secured a $30 million credit facility from Silicon Valley Bank.
Plans for the investment include adding mobile features to the RigUp platform, streamlining payment systems and building the company’s product and sales teams.
“Everything we’re doing is to help our service providers get more work and make more money,” RigUp CEO and co-founder Xuan Yong said in a written statement. “Our service model continues to grow nicely every month.”
Yong, a former energy commodities investor, co-founded RigUp with Michael Witte, a former petroleum engineer and consultant, according to the company’s website.
RigUp said its platform provides access to more than 22,000 service providers across more than 100 service catagories.
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