Startup profile · funding coverage
Rigup funding, valuation and investors
Workforce platform for skilled trades in energy and infrastructure (now Workrise).
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Funding, valuation & investors
Answer-first snapshotLatest funding
Series E
$300M · May 2021
Latest known valuation
~$2.9B
Series E · May 2021
Total disclosed equity funding
$600M
Excludes debt, grants, acquisitions, secondaries, and IPO proceeds.
Current status
private
growth · Austin, TX
Investors in latest funding
Other: Andreessen Horowitz , Founders Fund
Overview
Workrise (formerly Rigup) is a workforce management platform connecting skilled trades workers — welders, electricians, rig operators — with energy and infrastructure employers. Founded by Xuan Yong and Mike Chasen in Austin, Texas, the platform handles staffing, scheduling, payments, and compliance for oilfield, renewable energy, and construction contractors. Rigup raised a $300M Series D led by Andreessen Horowitz in October 2019 at approximately $1.9B valuation, followed by a $300M Series E led by Baillie Gifford in May 2021 at ~$2.9B. The company rebranded from Rigup to Workrise in 2021 to reflect expansion beyond oil and gas into clean energy and infrastructure. Founders Fund, FJ Labs, and Box Group are among other investors.
Why Rigup is interesting
Rigup/Workrise digitizes oilfield staffing and payments for contractors — a16z led the 2019 Series D at ~$1.9B before the company rebranded and scaled nationally.
Product & use cases
Workrise connects skilled trades workers with energy and infrastructure employers, handling staffing, scheduling, payments, and compliance for contract workforces.
- Staffing oilfield and energy infrastructure projects with skilled trades
- Workforce payments and compliance for contract workers
- Scaling clean energy and construction contractor workforces
Key facts
- Rebranded from Rigup to Workrise in 2021
- Series D (Oct 2019): $300M led by a16z at ~$1.9B valuation (TechCrunch)
- Series E (May 2021): $300M at ~$2.9B led by Baillie Gifford
- Skilled trades workforce platform for energy and infrastructure
Funding history (newest first)
Series E
2021-05 $300M Valuation: ~$2.9BSource: https://techcrunch.com/2021/05/20/workrise-once-known-as-rigup-raises-300m-at-a-2-9b-valuation/
Series D
2019-10 $300M Valuation: ~$1.9BInvestors in our directory
Funds linked from Rigup's profile — open a fund page for stage focus and related deal articles.
Competitive landscape
Edge: Vertical focus on skilled trades in energy/infrastructure with payments and compliance built in — not a general gig marketplace.
Skilled trades staffing is fragmented and paper-heavy. Workrise digitizes a workflow that oilfield and energy companies previously managed via staffing agencies and spreadsheets. Clean energy expansion diversifies beyond cyclical oil and gas. High valuations ($2.9B Series E) reflect TAM ambition but energy sector cyclicality remains a risk.
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Indeed/Glassdoor incumbent
General job boards; no trades-specific compliance and payment infrastructure.
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Fieldwire adjacent
Construction project management; different focus from workforce staffing.
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Upwork adjacent
General freelance marketplace; not optimized for skilled trades compliance.
Notable stories
- Rigup rebranded to Workrise in 2021, signaling expansion from oilfield staffing into clean energy and broader infrastructure (Workrise blog).
- a16z led the $300M Series D at ~$1.9B valuation, one of the largest bets on digitizing skilled trades workforce management (TechCrunch, 2019).
Industries
Related funding articles
Venture Capital Tracker pieces that cover Rigup's financing or category context.
FAQs about Rigup
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