The funding helps Workrise reach a valuation of $2.9B. Here are the top-line bullets you need to know.
Workrise, a staffing solutions provider, has raised $300M in a Series E with participation from Andreessen Horowitz, Franklin Templeton, Baillie Gifford, Founders Fund, Bedrock Capital, among others.
How’s the company performing?
- Texas-based Workrise, formerly known as RigUp, is a workforce management services provider for skilled trades. It operates across industries like construction, solar, oil & gas, and defense. Workrise’s platform provides training, payroll services, and benefits to over 500 companies.
- The company reportedly nearly doubled the number of workers it placed from 8,000 in 2019 to 15,000 workers in 2020.
- It reportedly tripled its revenue from $300M in 2018 to about $900M in 2020 and currently employs 600 employees across 25 offices. It operates in more than 70 areas in the US, including Atlanta.
Why does the market matter?
- The global workforce management software market is projected to grow at a CAGR of 6.38% and reach a value of $9.93B by 2026, according to Mordor Intelligence.
- The gig economy is experiencing exponential growth and is expected to generate $455B in billing in 2023, according to Statista.
- The Bureau of Labour Statistics states that the US is home to more than 73M hourly wage workers, which represents a potential growth factor for the industry.