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Andreessen Horowitz leads $300M series D round for RigUp


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Andreessen Horowitz leads $300M series D round for RigUp

Andreessen Horowitz LLC led a $300 million series D funding round for RigUp Inc., which brings the valuation of the Austin, Texas-based energy contractor marketplace to $1.9 billion, The Wall Street Journal reported, citing a person familiar with the matter.

Current investors in the online platform Founders Fund, Bedrock Capital and Quantum Energy Partners LLC joined the round, alongside new investors Baillie Gifford & Co. and Brookfield Growth Partners, the report noted.

As part of the funding deal, made through the venture capital firm's recently formed late-stage fund, Andreessen Horowitz partner David George will join the company's board.

RigUp raised $60 million in a series C round in January 2019, according to S&P Global Market Intelligence data.

Elsewhere, Andreessen promoted Julie Yoo to general partner, Business Insider reported.

Yoo, who joined the firm as a partner in 2019, will focus on its investment in the healthcare sector, the report said.