Funding round
RigUp Series B
RigUp, which works in energy field operations software development in Austin, raised $16M in a Series B round announced on 6 Feb 2018, led by Quantum and Global Reserve Group. 3 firms took part, 1 of them already investors. It is RigUp's first venture round on record.
$16M
Amount raised
Not disclosed
Post-money valuation
3
Investors
2 leads
Valuation
What this round says about the price
RigUp did not disclose a valuation in this round. It is 2.3% of the $676M RigUp has raised in the venture rounds on record. RigUp raised again 11 months later: a Series C round of $60M in Jan 2019. Its next priced round, a Series D in Oct 2019, valued it at $1.90B.
RigUp's funding rounds
RigUp has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Quantum and Global Reserve Group led the round with 1 other firm. Founders Fund had backed RigUp before.
Lead investors
- backs 7 venture-backed companies new investor
- Global Reserve Group new investor
Also in the round
- Founders Fund backs 368 venture-backed companies existing investor
Joined the board: Napoleon Ta (Founders Fund).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
428 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $18M, and this round was close to the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 20 Feb 2018 | $35M | not disclosed | August Capital |
| Tech Companies | 1 Feb 2018 | $25M | not disclosed | HPE Growth |
| Tech Companies | 13 Feb 2018 | $25M | not disclosed | GV |
| Tech Companies | 6 Feb 2018 | $21M | not disclosed | Insight Partners |
| Tech Companies | 6 Feb 2018 | $20M | not disclosed | Icon Ventures |
| Tech Companies | 22 Feb 2018 | $17M | not disclosed | Lightspeed Venture Partners |
| Tech Companies | 5 Feb 2018 | $16M | not disclosed | Toba Capital |
| Tech Companies | 22 Feb 2018 | $14M | not disclosed | First Analysis and Origin Ventures |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did RigUp raise in its Series B round?
RigUp raised $16M in its Series B round, announced in Feb 2018.
Who led RigUp's Series B round?
Quantum and Global Reserve Group led it, with Founders Fund.
What was RigUp's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Tech Companies?
428 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $18M, and this round was close to the median.
Did RigUp raise again after this round?
Yes: a Series C round in Jan 2019 of $60M.