Funding round
RigUp Series C
RigUp, which works in energy field operations software development in Austin, raised $60M in a Series C round announced on 29 Jan 2019, led by Founders Fund. 4 firms took part. It is RigUp's second venture round on record; the one before was a Series B in Feb 2018.
$60M
Amount raised
Not disclosed
Post-money valuation
4
Investors
1 lead
Valuation
What this round says about the price
RigUp did not disclose a valuation in this round. It came 11 months after RigUp's Series B. It is 8.9% of the $676M RigUp has raised in the venture rounds on record. RigUp raised again 9 months later: a Series D round of $300M in Oct 2019, at $1.90B post-money.
RigUp's funding rounds
RigUp has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Founders Fund led the round with 3 other firms.
Lead investor
- Founders Fund backs 368 venture-backed companies new investor
Also in the round
- backs 7 venture-backed companies new investor
- Global Reserve Group new investor
- backs 38 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
239 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $35M, and this round was 1.7 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 16 Jan 2019 | $245M | $4.00B | Institutional Venture Partners |
| Contentsquare Tech Companies | 28 Jan 2019 | $60M | not disclosed | Eurazeo |
| SmartHR Tech Companies | 1 Jan 2019 | $56M | not disclosed | not named |
| Tech Companies | 17 Jan 2019 | $50M | not disclosed | Sapphire Ventures |
| Tech Companies | 29 Jan 2019 | $40M | not disclosed | Georgian |
| Tech Companies | 24 Jan 2019 | $35M | not disclosed | Battery Ventures |
| Tech Companies | 31 Jan 2019 | $25M | not disclosed | Insight Partners |
| Tech Companies | 16 Jan 2019 | $25M | not disclosed | Next47 |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did RigUp raise in its Series C round?
RigUp raised $60M in its Series C round, announced in Jan 2019.
Who led RigUp's Series C round?
Founders Fund led it, with Quantum, Global Reserve Group and Bedrock.
What was RigUp's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Tech Companies?
239 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $35M, and this round was 1.7 times the median.
Did RigUp raise again after this round?
Yes: a Series D round in Oct 2019 of $300M at $1.90B post-money.