Funding round
RigUp Series D
RigUp, which works in energy field operations software development in Austin, raised $300M in a Series D round announced on 10 Oct 2019, led by Andreessen Horowitz, at a $1.90B post-money valuation. 6 firms took part, 4 of them already investors. It is RigUp's third venture round on record; the one before was a Series C in Jan 2019.
$300M
Amount raised
$1.90B
Post-money valuation
6
Investors
1 lead
16%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced RigUp at $1.90B after the new money. The $300M bought investors about 16% of the company. It came 9 months after RigUp's Series C. It is 44% of the $676M RigUp has raised in the venture rounds on record. RigUp raised again 19 months later: a Series E round of $300M in May 2021, at $2.90B post-money.
RigUp's funding rounds
RigUp has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Andreessen Horowitz led the round with 5 other firms. Andreessen Horowitz, Founders Fund, Bedrock and Quantum had backed RigUp before.
Lead investor
- Andreessen Horowitz backs 722 venture-backed companies existing investor
Also in the round
- Founders Fund backs 368 venture-backed companies existing investor
- backs 38 venture-backed companies existing investor
- backs 7 venture-backed companies existing investor
- Baillie Gifford new investor
- Brookfield backs 24 venture-backed companies new investor
Joined the board: David George (Andreessen Horowitz).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, geographic expansion, scaling operations and working capital.
- Hiring
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
113 Series D rounds in Tech Companies within a year either side disclosed an amount; the median was $51M, and this round was 5.9 times the median. The closest in time, other companies' Series D rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Clari Tech Companies | 10 Oct 2019 | $60M | $500M | Sapphire Ventures |
| Tech Companies | 13 Nov 2019 | $400M | $2.75B | Generation Investment Management and T. Rowe Price Associates, Inc. |
| Automattic Tech Companies | 19 Sep 2019 | $300M | $3.00B | Salesforce Ventures |
| Clio Tech Companies | 4 Sep 2019 | $250M | not disclosed | Technology Crossover Ventures and JMI Equity |
| Rebel Foods Tech Companies | 23 Sep 2019 | $125M | $525M | Sequoia Capital and Sequoia Capital India |
| Tech Companies | 3 Sep 2019 | $51M | not disclosed | Weatherford Capital and 8VC |
| Tech Companies | 12 Nov 2019 | $50M | not disclosed | Sequoia Capital and Clearvision Ventures |
| Tech Companies | 8 Sep 2019 | $36M | not disclosed | Valor |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did RigUp raise in its Series D round?
RigUp raised $300M in its Series D round, announced in Oct 2019.
Who led RigUp's Series D round?
Andreessen Horowitz led it, with Founders Fund, Bedrock, Quantum, Baillie Gifford and Brookfield.
What was RigUp's valuation at the Series D round?
$1.90B post-money.
How does it compare with other Series D rounds in Tech Companies?
113 Series D rounds in Tech Companies within a year either side disclosed an amount; the median was $51M, and this round was 5.9 times the median.
Did RigUp raise again after this round?
Yes: a Series E round in May 2021 of $300M at $2.90B post-money.