Venture Capital: Workrise Scores $300M Series E Round

May 20, 2021 | News, Venture Capital
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Workrise is a platform for the recruitment and management of skilled workers.

Workrise, formerly known as RigUp, announced today its $300 million Series E round led by Baillie Gifford. Existing investors including Founders Fund, Bedrock Capital, Andreessen Horowitz, Moore Strategic Ventures, 137 Ventures, and Brookfield Growth Partners participated, with Franklin Templeton joining as a new investor. (PRNewswire)

Workrise matches up skilled workmen with companies in the solar, wind, commercial construction, and defense industries. In addition, its platform manages payroll and benefits as well as provides access to training programs.

For example, trade workers could receive training and reskill for openings in the energy and infrastructure sectors. The startup placed more than 4,500 workers last year in renewable energy jobs – that’s a third of its entire placement during 2020.

Workrise itself has broadened its vistas from an initial remit of oil and gas to fast-growing new industries – hence the name change from RigUp.

Filling up job vacancies

“The shift to clean energy and a redoubling of investment in infrastructure are opening up jobs that are desperately in need of filling,” said Xuan Yong, Workrise co-founder and CEO. “Our platform makes it easier for skilled workers to find work and for companies to hire in-demand workers.”

“Workrise’s online management platform is disrupting a sector that’s so far been slow to adopt new technologies,” says Dave Bujnowski, investment manager at Baillie Gifford. “What’s particularly inspiring is that it’s helping job seekers develop the skills required to succeed in an industry that is changing significantly.”

Use of funds

Workrise will use the Series E funds to accelerate its product development and to further expand its market presence.

Related Story:  Employee Management Platform Rippling Snags $145M And Unicorn Status

Image Credit: Workrise                                                  

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