RigUp, an Austin-based marketplace for on-demand services and skilled labor in the energy industry, has laid off more than 100 people, according to Austin Inno.
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The move comes a little over five months after RigUp raised a $300 million Series D round led by Andreessen Horowitz (a16z) at a reported valuation of $1.9 billion. The financing marked the largest funding round raised by an Austin company in 2019, according to Crunchbase data. Other investors include Founders Fund, Bedrock Capital, UK-based Baillie Gifford, Brookfield Growth Partners, and Quantum Energy Partners. Since its 2013 inception, RigUp has raised nearly $424 million, according to Crunchbase.
Austin Inno’s Brent Winstrom first broke the news, and reported that: “Several employees suggested on LinkedIn that