Funding round
RigUp Series E
RigUp, which works in energy field operations software development in Austin, raised $300M in a Series E round announced on 20 May 2021, led by Baillie Gifford, at a $2.90B post-money valuation. 3 firms took part, 3 of them already investors. It is RigUp's fourth venture round on record; the one before was a Series D in Oct 2019.
$300M
Amount raised
$2.90B
Post-money valuation
3
Investors
1 lead
1.5x
Step-up from the Series D
$1.90B in Oct 2019
10%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced RigUp at $2.90B after the new money, 1.5 times the $1.90B of its Series D (Oct 2019). The $300M bought investors about 10% of the company. It came 19 months after RigUp's Series D. It is 44% of the $676M RigUp has raised in the venture rounds on record. No later venture round is on record for RigUp.
RigUp's funding rounds
RigUp has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Baillie Gifford led the round with 2 other firms. Baillie Gifford, Andreessen Horowitz and Founders Fund had backed RigUp before.
Lead investor
- Baillie Gifford existing investor
Also in the round
- Andreessen Horowitz backs 722 venture-backed companies existing investor
- Founders Fund backs 368 venture-backed companies existing 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
117 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $138M, and this round was 2.2 times the median. The closest in time, other companies' Series E rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Contentsquare Tech Companies | 25 May 2021 | $500M | $2.80B | SoftBank Vision Fund |
| Tech Companies | 25 May 2021 | $100M | not disclosed | Technology Crossover Ventures and Dragoneer Investment Group |
| Trax Tech Companies | 7 Apr 2021 | $640M | not disclosed | SoftBank Vision Fund and BlackRock, Inc. |
| Tech Companies | 7 Apr 2021 | $350M | not disclosed | Prosus and TPG |
| Gong Tech Companies | 3 Jun 2021 | $250M | $7.25B | Franklin Templeton |
| Tech Companies | 10 Jun 2021 | $220M | $2.10B | SoftBank Vision Fund |
| Wellhub Tech Companies | 29 Jun 2021 | $220M | $2.20B | not named |
| Tech Companies | 15 Apr 2021 | $205M | $1.34B | Owl Rock Capital |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did RigUp raise in its Series E round?
RigUp raised $300M in its Series E round, announced in May 2021.
Who led RigUp's Series E round?
Baillie Gifford led it, with Andreessen Horowitz and Founders Fund.
What was RigUp's valuation at the Series E round?
$2.90B post-money.
How does it compare with other Series E rounds in Tech Companies?
117 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $138M, and this round was 2.2 times the median.