Workrise, once known as RigUp, raises $300M at a $2.9B valuation
Workrise, which has built a workforce management platform for the skilled trades, announced today that it has raised $300 million in a Series E round led by U.K.-based Baillie Gifford that values the company at $2.9 billion.
New investor Franklin Templeton joined existing backers including Founders Fund, Bedrock Capital, Andreessen Horowitz (a16z), Moore Strategic Ventures, 137 Ventures and Brookfield Growth Partners in putting money in the round. With this latest financing, Workrise has now raised more than $750 million.
You may know Austin-based Workrise better by its former name, RigUp. The company changed its name earlier this year to reflect a new emphasis on industries other than just oil and gas after the industry took a beating in recent years.
Workrise Raises $300M in Series E Funding
Workrise, an Austin, Texas-based workforce management platform for the skilled trades, raised $300m in Series E funding.
The round was led by Baillie Gifford, with participation from new investor Franklin Templeton and existing investors Founders Fund, Bedrock Capital, Andreessen Horowitz, Moore Strategic Ventures, 137 Ventures, and Brookfield Growth Partners.
The company intends to use the funds to continue to expand into new markets served by its platform.
Founded in 2014, Workrise provides an online management platform that connects skilled laborers with infrastructure and energy companies looking to staff and manage projects efficiently. The company’s online platform matches workers with more than 500 companies in its network, manages payroll and benefits, and provides access to training.
Wisconsin Inno - Baird Capital, Northwestern Mutual Future Ventures lead new investments bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
Frank Body co-founders Bree Johnson, Steve Rowley, Jess Hatziz and Alexander Boffa. Source: supplied.
It’s been a week of big headlines and huge dollar-figures in the startup funding world.
SafetyCulture became a unicorn twice over, with founder Luke Anear predicting much more growth to come.
Elsewhere, Main Sequence plugged $12 million into new space-tech startup Quasar Satellite Technology, launched in partnership with the Office of the NSW Chief Scientist & Engineer and various Aussie industry experts, and proved it is intending not only to back startups, but build whole new ones.
But there’s been plenty of other activity you may have missed. Here’s what else has been going on.
Regtech Startup First AML Launches in Australia
First AML, an anti-money laundry regtech startup, announced on Tuesday it has launched its operations in Australia.
Founded in 2017, First AML streamlines anti-money laundering compliance through its online identity verification system that may be used by individuals anywhere in the globe through a smartphone. The company noted its end-to-end Customer Due Diligence platform is used by financial service providers, lawyers, accountants and real-estate agents, providing them complete visibility and management oversight.
“First AML is a specialized outsourced Customer Due Diligence (CDD) service provider operating in accordance with AML/CFT Act 2009. We can fulfil your AML compliance obligations on your behalf, taking the complexity and administrative burden off your hands.”