Texas company raises $300M with tech platform for hiring energy workers

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Texas company raises $300M with tech platform for hiring energy workers

 

Austin-based RigUp, a platform for hiring contract labor in the energy sector, has closed a $300 million fundraising round.

RigUp connects exploration and production companies and oilfield service companies with contract workers, ranging from highly specialized workers to more general labor needed to extract crude oil from the ground.

The $300 million round, led by Silicon Valley venture capital firm Andreessen Horowitz, brings the company's total funding to more than $450 million.

 

"RigUp stands alone in serving the energy labor market with much needed technology," David George, a general partner at Andreessen Horowitz who will join RigUp's board, said in a news release, "and fundamentally allows for better matching of supply and demand, resulting in significantly improved time-to-hire and visibility for both the independent contractors searching for the right projects and the energy companies looking to fill jobs with higher quality personnel."

 

 

RigUp is designed to replace the word-of-mouth and small brick-and-mortar staffing firms that energy companies have long relied on. The company vets contract workers with drug tests, criminal background checks and industry-specific job training certification checks. A pre-qualified contract oilfield worker can get on the RigUp app, search for a job and often find work within a matter of days.