Total amount raised
$752.5 Millions
Latest funding date
05/01/2021
Location
Workrise has successfully raised significant funding over multiple rounds, with its latest being a Series E round closed on May 20, 2021. The platform offers comprehensive source-to-pay solutions tailored for the energy industry, including vendor management, field services, and workforce management.
Keep reading to explore the intricacies of Workrise's fundraising journey and the investors backing this innovative platform.
What Is Workrise?
Workrise, founded in 2014, is based in Austin, Texas. The company was established by Michael Witte, Sandeep Jain, and Xuan Yong. It employs between 251 and 500 people.
Workrise offers a comprehensive source-to-pay solution tailored for the energy sector. Their platform includes services like vendor management, workforce management, and field services.
By connecting businesses with skilled workers and vendors, Workrise aims to make operations in the energy industry easier, faster, and safer.
How Much Funding Has Workrise Raised?
- Seed Round
- Amount Raised: $3M
- Date: June 2014
- Lead Investors: Founders Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop the initial platform for connecting skilled laborers with companies in the energy sector.
- Series A
- Amount Raised: $15M
- Date: April 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and increase market reach.
- Series B
- Amount Raised: $15.8M
- Date: February 2018
- Lead Investors: Global Reserve Group, Quantum Energy Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and support the growing user base.
- Debt Financing
- Amount Raised: $30M
- Date: February 2018
- Lead Investors: Silicon Valley Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital for operational expansion.
- Series C
- Amount Raised: $60M
- Date: January 2019
- Lead Investors: Founders Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series D
- Amount Raised: $300M
- Date: October 2019
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand into additional sectors.
- Series D
- Amount Raised: $28.7M
- Date: March 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and product development.
- Series E
- Amount Raised: $300M
- Date: May 2021
- Lead Investors: Baillie Gifford
- Valuation at Round: $2.9B
- Motivation Behind the Round: To accelerate product development, expand into new markets, and support the shift to clean energy and infrastructure investment.
Total Amount Raised: $752.5M. Current Valuation: $2.9B.
Key Investors
- Baillie Gifford
- Details: Baillie Gifford is an investment management firm based in Edinburgh, Scotland. They focus on long-term growth investments across various sectors.
- Investment Focus Areas: Technology, healthcare, energy.
- Notable Investments: Tesla, Amazon, SpaceX.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a private venture capital firm based in Menlo Park, California. They invest in technology companies across various stages.
- Investment Focus Areas: Software, consumer, enterprise.
- Notable Investments: Facebook, Airbnb, Lyft.
- Founders Fund
- Details: Founders Fund is a San Francisco-based venture capital firm. They focus on technology companies at all stages of development.
- Investment Focus Areas: Disruptive technologies.
- Notable Investments: SpaceX, Palantir, Airbnb.
- Global Reserve Group
- Details: Global Reserve Group is an investment firm. Specific details about their focus areas and notable investments are not publicly disclosed.
- Investment Focus Areas: Not specified.
- Notable Investments: Not specified.
- Quantum Energy Partners
- Details: Quantum Energy Partners is a private equity firm. They specialize in investments within the energy sector.
- Investment Focus Areas: Energy sector.
- Notable Investments: Not specified.
What's Next for Workrise?
Workrise is poised to capitalize on the burgeoning demand for skilled labor in the clean energy and infrastructure sectors. With $300 million in Series E funding, the company plans to accelerate product development and expand into new markets, aiming to place 100,000 workers by the end of 2023 and 1 million by 2030. This expansion is supported by a growing focus on renewable energy and infrastructure investment, presenting significant opportunities for growth.
Future fundraising rounds are likely as Workrise continues to scale, attracting both existing and new investors. However, the company will need to navigate challenges such as adapting to rapidly changing industry demands and ensuring a steady supply of skilled labor. Managing the complexities of expanding into new markets and industries will also be crucial for sustained growth.
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