RigUp, an Austin startup that has created a marketplace for on-demand services and labor in the oil and gas sector, has reportedly raised $60 million in new funding.
The round was led by Founders Fund, a San Francisco venture capital firm founded by Peter Thiel, Ken Howery and Luke Nosek. Bedrock Capital and Quantum Energy Partners were also in on the round.
Axios, which first shared the news, reported that the $60 million round was raised at a $300 million post-money valuation.
The funding comes a little less than a year after RigUp raised a $15.8 million Series B round, which also included money from Founders Fund. At the time, it also secured a $30 million line of credit from Silicon Valley Bank.
RigUp, founded in 2014 by CEO Xuan Yong and COO Mike Witte, has a marketplace to match skilled contractors with job openings in the oil and gas industry.
RigUp's team grew from 55 people in 2017 to 149 as of last year, according to a 2018 year-end update from the company. It has 30-plus jobs posted on its site currently.
The company's new funding comes as oil and gas drillers in west Texas are encountering a shortage of workers, water, fracking fuels, as well as shortages of trucks and rail cars to transport oil. The boom is driven by expanded drilling in the Permian Basin.
