Workforce management platform Workrise nabs $300m at $2.9bn valuation

Workforce management platform Workrise has raised a $300 million Series E at a valuation of $2.9 billion.

The round was led by prominent technology investors Baillie Gifford and drew support from new backer Franklin Templeton, which joined existing shareholders Founders Fund, Andreessen Horowitz, Moore Strategic Ventures, 137 Ventures, and Brookfield Growth Partners.

Workrise connects skilled laborers with infrastructure and energy companies seeking to staff and manage projects efficiently.

Its online platform matches workers with over 500 companies and enables users to manage payroll and benefits. It also provides access to training.

Founded in 2014, Workrise will use the latest cash injection to expand into new markets.

Speaking about the fundraise, Xuan Yong, Workrise’s co-founder and CEO, said:

“The shift to clean energy and a redoubling of investment in infrastructure are opening up jobs that are desperately in need of filling,”

“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,” he added.

The funding comes after the company re-branded from RigUp to mark its expansion into new operating markets.

Based in Austin, Texas, Workrise claims to serve over 70 metro areas in the US, including Atlanta, where it is matching trade workers with commercial construction companies, and in Broomfield, CO where it is training and matching workers to jobs across the US wind industry.

The workforce management platform has committed to fill the skilled labor gap by placing 100,000 workers in jobs by the end of 2023, and one million by the end of 2030.