RigUp CEO Visits TPH

Casey ColelloLatest News

Behind every great startup is a stellar management team, which is why we were stoked (technical term) to be joined by Xuan Yong of RigUp yesterday for our first ever tech startup-focused CEO lunch. Initially billed as the “Amazon Prime” of oilfield service work, RigUp is a marketplace for connecting contractors and service providers with potential buyers. Since inception in 2014, RigUp’s network has mushroomed to ~22,000 service providers and 250+ operators. The platform’s prosperity can be partially attributable to the massive pain point on which it has landed — the traditionally long, inefficient process of finding, signing, and paying high-quality contractor services for an operation. RigUp solves this problem by performing more functions than a typical job board: extensively vetting users in addition to the community review system, tracking work progress to keep the contractor accountable, and taking on the burden of negotiating MSAs and payment coordination. Landing this market was not an easy task – Xuan described two years of building and rebuilding the product to locate this market, in addition to many long days cold-calling contractors to aggressively sign up network participants. The push has clearly paid off, but Xuan’s vision for the platform is not done as the company still sees a lot of running room left for further product refinement and expansion. We’re excited for what’s to come for this story.

Deanna Zhang, Xuan Yong

TPH CEO Luncheon Series – Xuan Yong – RigUp from Tudor, Pickering, Holt & Co. on Vimeo.