RunTitle, an oil and gas data startup, closed $8 million in Series A financing led by Founders Fund, the company said Oct. 2. Joining in the fundraiser were Aubrey McClendon's Deep Fork Capital, existing investor Austin Ventures and several individuals.
"Oil and gas companies are seeking out ways to maximize efficiency now more than ever. By making land information easily accessible, RunTitle has the potential to eliminate billions of dollars of unnecessary spend," said Geoff Lewis, partner at Founders Fund.
Mineral title data -- the record of who owns the mineral/drilling rights beneath the earth -- is required each time an oil and gas company wants to drill a well or make an acquisition. Before RunTitle was formed, an oil and gas professional had to conduct up to months of research via paper documents and books in county courthouses to determine who owns the mineral rights to any parcel of land. RunTitle's proprietary database of title data enables oil and gas companies to make faster, more precise acquisition and divestiture decisions.
RunTitle will use the proceeds to accelerate hiring on its engineering, sales, and marketing teams and to continue growing its proprietary dataset of mineral title information.
RunTitle is based in Austin, Texas.
Recommended Reading
Phillips 66 Announces Quarterly Dividend
2023-10-09 - The Phillips 66 dividend will be payable on Dec. 1 to shareholders on record as of Nov. 17.
Eversource Energy Declares Quarterly Dividend
2023-09-15 - Eversource Energy announced on Sept. 15 a regular quarterly dividend of $0.675 per share.
Murphy Oil Announces Quarterly Cash Dividend
2023-10-06 - Murphy Oil’s cash dividend will be payable on Dec. 1 to stockholders on record as of Nov. 13.
Sempra Declares Quarterly Dividend
2023-11-15 - The dividend will be payable Jan. 15 to shareholders of record Dec. 6.
Enerplus Announces December Quarterly Dividend
2023-11-05 - Enerplus Corp.’s quarterly dividend of US$0.06 per share is payable on Dec. 15.