Workrise Hits $2.6 Billion Pre-Money Valuation With Latest Funding Round

Workrise Hits $2.6 Billion Pre-Money Valuation With Latest Funding Round

Xuan Yong and Mike Witte, cofounders of Workrise. Workrise—one of the most heavily funded startups in Austin—announced on Thursday that it has raised a $300 million Series E, bringing its total capital to $752 million with a pre-money valuation of $2. 6 billion. Launched in 2014 as a workforce management platform for the oil and gas industry, the company changed its name from Rigup in February to better fit its ongoing expansion into wind, solar, construction, defense and other industries. The name change also celebrates Workrise's successful emergence from the pandemic, which caused global demand for oil to hit all time lows. In 2020, however, the company reported approximately $900 million in gross revenue. "No company that I've ever worked with was as hard-hit by Covid as Workrise," says Geoff Lewis of the company's rebound. Lewis is the founder of Bedrock Capital, which participated in the latest funding round; he led the seed stage investment in the company in 2014, while he was with Founders Fund and also participated as an angel investor. Though seven years ago, RigUp had seemed a durable name for the startup, by early 2020 there was so much unused product, "people in Texas were putting