BidOut secures strategic funding round to redefine oil field procurement
Summary
06/13/2022 Houston, TX Today, BidOut.app, the company redefining oil field procurement, announces it has commenced its pre-seed round of funding led by Ascent Energy Ventures of Denver, Colorado with participation from Leazar Capital and other investors. BidOut, founded in 2021 set out to change the procurement and sourcing of oil field services through digitizing RFPs and making the oil field services purchasing process more efficient and competitive through its unique marketplace approach.The company is based in Houston, Texas, and plans to roll out additional procurement features and products targeted at oil & gas operators and oil field service providers.Operators throughout the Lower 48 are using BidOut to more efficiently secure proposals on Services, effectively control costs, and manage all their vendors in one place, says Co-Founder, Tyler Cherry.BidOut is creating a simple solution to a massive problem. says Accent Energy Ventures Managing Partner, David Forsberg.This round of funding coupled with our existing customer agreements allows us to focus on continuing our growth and evolving our platform to meet the customers needs while we continue to focus on all-things-procurement, says Co-Founder, Rodney D. Giles.BidOut recently announced the addition of 2 key executive advisors, Keith Chometsky and Brian Smith. Chometsky currently is serving as President at MS Directional and Smith was recently the Chief Procurement Officer at Repsol.Terms of the funding round were not disclosed.About BidOutBidOut is focused on solving all-things-procurement of the oil & gas industry. Founded in 2021, by co-founders Rodney D. Giles & Tyler Cherry, BidOuts Procurement Platform digitizes the oil field purchasing and RFP mechanisms creating an efficient process for both Operators and Service Providers.