Houston, TX – October 3, 2023 – BidOut, the leading energy procurement platform, has successfully raised a significant round of additional capital to expedite the development of its platform and expand its product. This comes on the heels of BidOut’s recent achievement of onboarding many prominent oil and gas operators. The funding round saw participation from both new and existing investors, including Ascent Energy Ventures and Leazar Capital.
As BidOut continues to grow its user base and expand its services, the company recognizes the importance of accelerating its product roadmap. A key aspect of this expansion effort includes the addition of industry veteran Ross Peters, who joined as VP of Sales in June of 2023.
David Forsberg, Managing Partner at Ascent Energy Ventures, expressed his enthusiasm for BidOut’s growth and the potential it brings to the energy procurement sector. He stated, “We’re thrilled to continue our support of BidOut’s mission to revolutionize the energy procurement process. The company’s ability to attract top-tier operators is a testament to the value it brings to the industry. We believe in BidOut’s potential to drive efficiency, transparency, and cost controls for both buyers and sellers in the energy market.”
BidOut’s platform serves as a centralized marketplace for energy procurement, streamlining the process for both buyers and OFS (Oilfield Services) suppliers. Through its innovative technology, BidOut enables companies to source RFx events through a streamlined process, providing OFS suppliers with a broader reach and access to a diverse pool of potential customers.
Rodney Giles, CEO of BidOut, shared his vision for the company’s future, saying, “As we move from a bootstrapped company Tyler and I founded in 2020 to a company serving a large percentage of the US onshore drilling activity, we are accelerating our product roadmap and have planned complementary products in the near future. This investment round is a significant step in our journey to transform the energy procurement landscape.”
With the infusion of additional capital and talent, BidOut is poised to further enhance its platform, develop new products, and continue its impressive growth trajectory. The company’s dedication to facilitating efficient and transparent energy procurement solutions remains unwavering.
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Rodney D. Giles
BidOut is the leading energy procurement platform, connecting energy buyers and OFS (Oilfield Services) suppliers in a streamlined and transparent marketplace. Through its cutting-edge technology, BidOut simplifies the RFx sourcing process, empowering companies to source RFx events through a streamlined process while providing OFS suppliers with a broader reach and access to a diverse pool of potential customers. For more information, visit www.bidout.app.