America has faced a skilled labor shortage for years and the problem seems to only be getting worse as the current workforce ages out and isn’t replaced with younger generations. That’s where Workrise comes in.
“Our platform makes it easier for skilled workers to find work and for companies to hire in-demand workers,” Xuan Yong, CEO and co-founder of Workrise, said in a statement. “The shift to clean energy and a redoubling of investment in infrastructure are opening up jobs that are desperately in need of filling.”
On Thursday, Austin-based Workrise, which pairs skilled laborers with more than 500 companies looking to hire, announced it raised a $300 million Series E funding round. Prior to this round, Workrise had a $2.6 billion valuation and achieved unicorn status in 2019.
The recent funding, led by Baillie Gifford with participation from Franklin Templeton and prior investors, will be used to expand into new markets, according to a news release.
Workrise, previously known as RigUp, launched in 2014 serving the oil and gas industry. Now, Workrise works in the wind, solar, construction, defense, and oil and gas sectors. In addition to pairing potential employees with businesses, the platform also provides access to training and manages benefits and payroll.
The Series E funding round comes as Workrise is expanding its Austin headquarters. The company is actively hiring for nearly 70 roles in data, analytics, operations, design, finance, engineering and more. These positions are located in Austin with an option to be remote.
Workrise currently has more than 600 employees across 25 offices. The company’s platform is available in more than 70 U.S. metros.
Workrise has experienced rapid growth over the past two years. The company found placement for 8,000 workers in 2019, and scaled to 15,000 workers in 2020. The company is aiming to place 100,000 workers by 2023 and one million skilled laborers by the end of 2030.