Austin’s Newest Unicorn: RigUp Lands a16z-led $300M Series D
Summary
RigUp’s platform matches contract workers with energy companies operating in the upstream, renewables, midstream, and downstream sectors. “Field work, largely performed by a workforce of highly-skilled independent contractors, has typically been staffed through a fragmented network of small brick-and-mortar firms,” said RigUp CEO and co-founder (and former energy investor) Xuan Yong. “That’s inefficient for the companies that need to quickly staff projects and manage labor costs, and it doesn’t give independent contractors access to all available opportunities.” Its platform is appealing to field workers, according to a16z’s George, who said in a blog: “Not only do workers have faster access to the roles they want, RigUp allows workers to get paid faster, access health insurance, accumulate reviews and build their reputation, and manage their up-to-date certifications all in one place.” To George, there is still plenty of opportunity for the young company. RigUp said it plans to use its new capital to expand its services into renewable energy, midstream oil and gas, and downstream operations. Besides being large rounds, SparkCognition and RigUp’s latest raises signal something exciting for the Austin market: maturity and increased global investor interest.