Austin-Based Workrise Raises $300 Million to Venture Into New Markets

Workrise announced having raised $300 million to broaden its reach beyond the oil and gas industry and posits the Austin-based company as one of the most heavily funded tech companies in the region. Since 2014, Workrise has served as an online platform connecting oil and gas companies and service companies.

The multifaceted platform also allows clients to recruit and onboard employees, ongoing worker management, training, and payments. In addition, the platform offers labor workforce opportunities to tap into finding employment, and companies may engage candidates via the platform.

The company has strategized for the last two years to expand its portfolio to industries such as wind, solar, construction, and defense, and has created a network matching workers to more than 500 companies. Baillie Gifford helmed the latest funding round, with the support of new investor Franklin Templeton, and existing investors, Found Rund, Bedrock Capital, Andreesen Horowitz, Moore Strategic Ventures, 137 Ventures, and Brookfield Growth Partners.

2019 proved to be a banner year for Workrise with the platform closing on the largest Austin deal of the year with a $300 million investment by venture capital firm Andreesen Horowitz of California, and bringing the company’s total capital raised to $752 million.

Workrise plans to continue exploring new markets with the latest investments, and currently serves more than 70 metro areas across the United States. The company placed more than 4,500 workers in renewable energy jobs, comprising nearly one-third of the workers placed in 2020. The company’s strategies are leading the way into a more diversified and growing market presence.

“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 told the Austin American-Statesmen. “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.”

For more information read the original article from the Austin American-Statesman.