Workrise, formerly known as RigUp, announced a $300 million Series E round of venture capital with a $2.9 billion valuation. This brings its total raised to $752.5 million.
That’s a lot of money raised and a massive valuation for a company with a brand that is largely unknown outside of the oil and gas industry. The shift in focus was as necessary as it is smart, but it also puts them in a much more crowded field with players like jobcase.
We’ve covered Workrise’s model before. Workrise offers trade workers access to training that equips them for energy and infrastructure jobs. Workrise reports having placed more than 4,500 workers, or nearly a third of all its workers placed in 2020, in renewable-energy jobs.
2020 was as bumpy a ride for Workrise as it was for many in work tech. TechCrunch reported that during 2020 “Workrise laid off one-quarter of its corporate employees as the industry took an even bigger hit from the COVID-19 pandemic. It currently has more than 600 employees in 25 offices. Despite the rocky start to the year, Workrise apparently ended up rebounding. Its gross revenue has tripled since 2018, going from just under $300 million to about $900 million to close out 2020.”
$2.7 billion was invested globally in work tech during 2021 Q1 alone. Get WorkTech’s free report and analysis here.
Source: Workrise raises $300 million in Series E Funding led by Baillie Gifford | Workrise