Welcoming Workrise to the PLUS Collective
Identifying and partnering with businesses that operate at the intersection of where profit meets purpose is a core focus of our investment process at PLUS. We believe that helping the workforce evolve and prepare for the future is integral to the community’s wellbeing. As such, we are thrilled to announce our investment in Workrise (formerly RigUp), the leading workforce management solution for the skilled trades. Founded in 2014 by Xuan Yong and Michael Witte and located in Austin, TX, Workrise makes it easier for skilled laborers to find work and for companies to find in-demand, trained workers. We’re grateful for our introduction to Xuan by our close friends at Founders Fund, and for the opportunity to join the Workrise Series D2 financing round alongside investors including Andreessen Horowitz, Box Group, Bedrock, and Great Oaks.
Workrise is helping close America’s skilled labor gap by creating more opportunities for people to work through staffing, training, and professional services for industries that are seeing expansion. PLUS and a high profile actor, writer, producer, and entrepreneur from our celebrity collective invested because of Workrise’s mission-oriented business model that empowers individuals to tackle difficult work in the skilled trades. Their mission is to empower the people who get hard work done.
The platform matches highly skilled independent contractors with operators and service companies, providing modern software, recruiting, payments, logistics, compliance, and mobile solutions to more than 10,000 vendors who had otherwise relied on a highly fragmented and far less comprehensive offering. Workrise’s platform allows operators, vendors, and contractors to work together seamlessly, ultimately supporting businesses and laborers completing mission critical work.
Last week the company changed its name from RigUp to Workrise. This rebrand was driven by the company’s tremendous growth. Over the past 2 years, Workrise has broadened its initial focus in oil & gas to include new industries (wind, solar, construction, and defense industries) and expanded its offerings for workers and contractors. With an impending industry labor shortage and a generational workforce shift underway, Workrise is focused on an underserved yet critical workforce by modernizing the way these industries operate. Workrise is committed to filling the skilled labor gap by placing 30,000 workers in roles by the end of 2021 — and 1M by 2030. The new name reflects that expanded effort, said Xuan Yong, Workrise co-founder and CEO.
“The business was built on the premise that skilled labor in oil and gas could be done more efficiently and more effectively,” Yong said. “We realized it wasn’t just isolated to oil and gas and the opportunity was readily available to help workforces in other industries. In 2019, we began that diversification.” (source: Austin American-Statesman)
We are excited to be a part of the Workrise journey as the business continues to impact countless industries, communities, and individuals utilizing and benefitting from the platform.
