BidOut secures strategic funding round to redefine oil field procurement

06/13/2022 – Houston, TX – Today, BidOut.app, the company redefining oil field procurement, announces it has commenced its pre-seed round of funding led by Ascent Energy Ventures of Denver, Colorado with participation from Leazar Capital and other investors. BidOut, founded in 2021 set out to change the procurement and sourcing of oil field services through digitizing RFP’s and making the oil field services purchasing process more efficient and competitive through its unique marketplace approach.

The company is based in Houston, Texas, and plans to roll out additional procurement features and products targeted at oil & gas operators and oil field service providers. 

“Operators throughout the Lower 48 are using BidOut to more efficiently secure proposals on Services, effectively control costs, and manage all their vendors in one place,” says Co-Founder, Tyler Cherry.

“BidOut is creating a simple solution to a massive problem. The capital and operational efficiency gains for operators and service providers alike make using the BidOut platform an easy decision. Billions of dollars could be saved every year by simply using BidOut.” says Accent Energy Ventures Managing Partner, David Forsberg.

“This round of funding coupled with our existing customer agreements allows us to focus on continuing our growth and evolving our platform to meet the customer’s needs while we continue to focus on all-things-procurement,” says Co-Founder, Rodney D. Giles.

BidOut recently announced the addition of 2 key executive advisors, Keith Chometsky and Brian Smith. Chometsky currently is serving as President at MS Directional and Smith was recently the Chief Procurement Officer at Repsol.

Terms of the funding round were not disclosed.

About BidOut
BidOut is focused on solving all-things-procurement of the oil & gas industry. Founded in 2021, by co-founders Rodney D. Giles & Tyler Cherry, BidOut’s Procurement Platform digitizes the oil field purchasing and RFP mechanisms creating an efficient process for both Operators and Service Providers. BidOut currently has over 450+ service providers on its Procurement Platform.

About Ascent Energy Ventures
Based in Denver, Colorado, Ascent Energy Ventures invests in the digital transformation of the energy industry. Ascent Energy Ventures seeks the next generation of innovative leaders applying digital tools to today’s energy challenges.