Austin’s Workrise Raises Another $300 Million in Funding – SiliconHills – Silicon Hills News

Workrise Co-Founder and Chief Operating Officer Mike Witte (L) and Co-Founder and Chief Executive Officer Xuan Yong (R)

In October of 2019, RigUp closed on a $300 million funding round led by Andreessen Horowitz, a16z to expand its marketplace for energy workers.

A lot has changed since then.

This week, the startup, now called Workrise has announced another $300 million funding round. This time led by Baillie Gifford, an existing investor.

In addition to the name change, Workrise now serves companies and trade workers in the solar, wind, commercial construction and defense industries. The company’s online platform matches workers with more than 500 companies in its network, manages payroll and benefits and provides access to training.

Workrise, founded in 2014, has raised more than $750 million to date and the latest funding gives the company a valuation of $2.6 billion, according to Forbes. Other investors in the Series E round included new investor Franklin Templeton joining existing investors including Founders Fund, Bedrock Capital, Andreessen Horowitz, Moore Strategic Ventures, 137 Ventures, and Brookfield Growth Partners.

The company also laid off 120 employees last March as the Pandemic caused the global economy to shut down, according to a report in Austin Inno.

The company plans to use the funds raised to expand into new markets. Workrise now serves more than 70 metro areas in the U.S.

“The shift to clean energy and a redoubling of investment in infrastructure are opening up jobs that are desperately in need of filling,” Xuan Yong, Workrise co-founder and CEO said in a news release. “Our platform makes it easier for skilled workers to find work and for companies to hire in-demand workers. We are grateful to everyone who has backed our vision for bringing infrastructure and energy staffing into the future.”

The company plans to place 100,000 workers in jobs by the end of 2023, and 1 million by the end of 2030.

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Source: http://siliconhillsnews.com/2021/05/21/austins-workrise-raises-another-300-million-in-funding/

May 21, 2021 susan ward