Workrise
“Can a vertical source-to-pay platform become the operating system for energy field operations after retreating from cross-industry expansion?”
Founded2014
HQAustin, TX, USA
FoundersXuan Yong
Total raised$750M+
Latest roundSeries E, 2021
Valuation$2.9B (2021)
IndustryVertical SaaS / Energy
The story
Founded 2014 as RigUp, a workforce marketplace for oil & gas contractors. Rebranded to Workrise in 2021 to broaden into renewables and other skilled trades on the back of a $2.9B Series E. After the diversification thesis underperformed, the company rebranded back to RigUp in September 2025 and refocused squarely on being a source-to-pay software + services platform purpose-built for energy. Embedded finance surface is limited to contractor invoicing/payments and W-2 payroll for consultants billing through the platform — not a fintech play.
Last 12 months
Product timeline
2014
Founded as RigUp by Xuan Yong; workforce management for oil & gas contractors· founding
2020
Layoffs of ~25% of corporate staff during oil & gas downturn· pivot
2021
Rebranded from RigUp to Workrise to reflect expansion beyond oil & gas into broader skilled trades and renewables· pivot
2021
$300M Series E at $2.9B valuation led by Baillie Gifford· funding
2025
Rebranded back to RigUp, refocusing on energy source-to-pay solution· pivot
Acquisitions
The stack
1 layer disclosed in Workrise’s embedded-finance stack
Payroll
Accounting gap: none