Last RigUp valuation
$2.9B
Series E · May 2021
Last RigUp funding round
$300M
Series E · May 2021
Cumulative funding RigUp raised
$723M
across 7 funding rounds
Key investors in RigUp
Founders Fund
Bedrock
Recharge Capital
Quantum Energy Partners
Andreessen Horowitz
BoxGroup
About RigUp
RigUp is an Austin-headquartered talent platform matching skilled workers with energy sector jobs across the United States and Canada. It sources crews for drilling, completions, and renewables projects, serving operators like ExxonMobil and Halliburton. Rebranded as Brava in 2023, RigUp processes thousands of shifts weekly via its mobile app for vetting, payroll, and compliance.
Founded
2014
HQ
Austin, TXWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Valuation
$2.9B (May 2021)
RigUp Valuation
RigUp is currently valued at $2.9B, based on its Series E in May 2021.
The $300M round was led by Baillie Gifford, with participation from 137 Ventures, Putnam Premier IT, Andreessen Horowitz, Bedrock, Brookfield Asset Management and 2 other investors.
RigUp's valuation has grown 9.7x from $300M at its Series C in January 2019 to $2.9B in May 2021, across 4 priced rounds.
RigUp valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2021 | Series E | $2.9B |
| Mar 2020 | Series D | $1.9B |
| Oct 2019 | Series D | $1.9B |
| Jan 2019 | Series C | $300M |
RigUp Funding History
RigUp has raised a total of $723M across 7 funding rounds.
RigUp's first fundraising round was a $3M seed round in June 2014. The most recent completed round was a $300M Series E in May 2021.
RigUp funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2021 | Series E | Baillie Gifford (lead); 137 Ventures; Putnam Premier IT; Andreessen Horowitz; Bedrock; Brookfield Asset Management; Founders Fund; Moore Strategic Ventures | $300M | $2.9B | RigUp, rebranded as Workrise, operates a workforce management platform connecting skilled trade workers with energy, infrastructure, construction, and renewable energy companies for staffing, payroll, benefits, and training. The company raised $300 million in its Series E funding round on May 20, 2021, led by Baillie Gifford, with participation from new investor Franklin Templeton and existing backers including Founders Fund, Bedrock Capital, Andreessen Horowitz, Moore Strategic Ventures, 137 Ventures, and Brookfield Growth Partners. This round valued the company at $2.9 billion post-money, bringing total funding raised to over $750 million. Workrise serves more than 70 metro areas across the U.S., matching workers with over 500 companies, and focuses on expanding into clean energy, wind, solar, commercial construction, and defense sectors. In 2020, it placed over 4,500 workers—nearly a third of its total placements—in renewable energy jobs. The company committed to placing 100,000 workers by the end of 2023 and 1 million by 2030 to address skilled labor shortages amid infrastructure and energy transitions. Proceeds from the Series E will accelerate product development, market expansion, and corporate offices in Austin, Texas. Baillie Gifford highlighted Workrise's disruption of a technology-lagging sector by enabling efficient hiring and skill development for evolving industry needs. Prior rounds included a $300 million Series D in 2019 at around $2 billion valuation and earlier financings totaling over $450 million from similar investors. |
| Mar 2020 | Series D | - | $29M | $1.9B | RigUp (now Workrise) is an energy tech startup providing a marketplace platform that connects field workers, contractors, and service providers with energy companies in oil and gas, renewables, midstream, and downstream sectors. The platform enables rapid sourcing, management, payment processing, healthcare access, and training for workers, offering competitive margins through its scale with over 75,000 service providers and 3,000 operators/vendors. Founded in 2014, it raised a $300M Series D round in October 2019 led by Andreessen Horowitz at a $1.9B post-money valuation, reaching unicorn status and marking Austin's largest funding round that year; prior $60M Series C in January 2019 was at $300M valuation led by Founders Fund. Total funding by early 2020 exceeded $450M across multiple rounds including participation from Bedrock Capital, Quantum Energy Partners, Baillie Gifford, Brookfield, and GE Ventures. In October 2019, RigUp expected to exceed $2B in gross service volume for the year, up over 200% from 2018, and placed 8,000 unique workers including 13% in renewables. A regulatory filing indicated ~$28.7M raised toward a $78.7M target in an early 2020 round (March noted in one source), with total equity nearing $423M by March 2020; later rebranded to Workrise, raising Series E in 2021 at $2.9B valuation amid expansion into clean energy and infrastructure. |
| Oct 2019 | Series D | Andreessen Horowitz (lead); Baillie Gifford; Quantum Energy Partners; Bedrock; Founders Fund; Brookfield Growth | $300M | $1.9B | RigUp, an Austin-based energy tech startup founded in 2014, operates the largest marketplace for on-demand services and skilled labor in the energy sector, matching contract workers with companies in upstream, renewables, midstream, and downstream operations. The platform provides field workers access to healthcare, training, and in-app payments, offering competitive compensation margins. On October 10, 2019, RigUp announced a $300 million Series D funding round led by Andreessen Horowitz, with participation from existing investors Founders Fund, Bedrock Capital, and Quantum Energy Partners, plus new investors Baillie Gifford and Brookfield Growth Partners, bringing total funding to over $450 million. The round valued RigUp at $1.9 billion post-money, achieving unicorn status as reported by the Wall Street Journal, marking the largest funding round for an Austin company in 2019 and a significant jump from its prior $60 million Series C nine months earlier. Proceeds will expand into renewable energy, midstream oil and gas, downstream operations, and hiring, particularly senior engineering and product roles at its Austin headquarters and Denver office, with over 150 new hires planned to match 2019 growth and 46 open positions at the time. RigUp reported strong traction, working with over 75,000 service providers and 3,000 operators/vendors, expecting to exceed $2 billion in gross service volume in 2019, up more than 200% from 2018, capturing about 2% overall market share with over 20% in mature sub-categories. Andreessen Horowitz's David George joined the board, highlighting the platform's potential in underserved energy workforce tech. The company had grown to over 300 employees across the US. |
| Jan 2019 | Series C | Founders Fund (lead); Greenspring Associates; Quantum Energy Partners; Bedrock; Global Reserve Group | $60M | $300M | - |
| Feb 2018 | Series B | Global Reserve Group (lead); Quantum Energy Partners (lead); FJ Labs; Founders Fund; Recharge Capital | $16M | - | RigUp raised $15.8 million in a Series B funding round in February 2018 led by Quantum Energy Partners and Global Reserve Group, with participation from Founders Fund and others. The company operates an online marketplace connecting oilfield operators with independent service providers across more than 100 categories, providing access to over 22,000 providers. The platform streamlines transactions, enables on-demand scaling, and helps providers secure more work and faster payments. Founded in 2014 in Austin, Texas, RigUp's digital platform was hailed as the 'Uber of the oilfields' for matching buyers and service providers in the energy sector. The funding supported product development, sales hiring, and growth acceleration amid rising adoption of digital solutions by E&P companies. RigUp also secured a $30 million credit facility from Silicon Valley Bank alongside the equity round. By 2019, RigUp exceeded $2 billion in gross service volume, marking over 200% growth from 2018, though specific 2018 revenue figures were not disclosed. |
| Apr 2016 | Series A | Frees Fund; BoxGroup; Great Oaks Venture Capital; Founders Fund; GE Ventures; Recharge Capital; Counterpart Advisors; Fort Ventures; Moore Capital | $15M | - | The search results confirm that RigUp raised $15 million in a Series A round in April 2016 from investors including Founders Fund, Box Group, Great Oaks, and others. |
| Jun 2014 | Seed | Founders Fund (lead); BoxGroup; Great Oaks Venture Capital; Recharge Capital | $3M | - | - |
Who has invested in RigUp?
21 investors have backed RigUp across its funding rounds, including Founders Fund, Bedrock, Recharge Capital, Quantum Energy Partners, Andreessen Horowitz and BoxGroup.
Lead investors include Baillie Gifford, Andreessen Horowitz, Founders Fund, Global Reserve Group and Quantum Energy Partners.
RigUp Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 6 | Lead | Jun 2014 | |
| Houston, TX | 3 | Lead | Feb 2018 | |
| Los Angeles, CA | 3 | Participant | Jan 2019 | |
| New York City, NY | 3 | Participant | Jun 2014 | |
 Edinburgh | 2 | Lead | Oct 2019 | |
| New York City, NY | 2 | Participant | Jun 2014 | |
| San Francisco, CA | 2 | Lead | Oct 2019 | |
| New York City, NY | 2 | Participant | Jun 2014 | |
| Quaker Street, NY | 2 | Lead | Feb 2018 | |
 Beijing | 1 | Participant | Apr 2016 | |
| United States | 1 | Participant | May 2021 | |
| Baltimore, MD | 1 | Participant | Jan 2019 | |
| United States | 1 | Participant | May 2021 | |
This data is available for Pro users. Sign up to see all 21 RigUp investors. Start Free Trial | ||||
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Start Free TrialRigUp Competitors
RigUp competitors include listed companies like Upwork, Seek, Visional and BOSS Zhipin, and private ones like Job&Talent and Andela.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Madrid | Private | $2.1B | $70M | $1.5B | 0.7x | |
| United States | Publicly listed | $788M | $180M | $1.1B | 1.1x | |
 Australia | Publicly listed | $914M | ($63M) | $3.1B | 4.5x | |
 Japan | Publicly listed | $515M | $157M | $2.2B | 2.6x | |
 Lagos | Private | $50M | - | $1.5B | - | |
| China | Publicly listed | $1.2B | $493M | $6.6B | 2.6x |
RigUp Public Comps
RigUp is still privately-owned, but its public comps include Goto Gojek Tokopedia, Rasan, People, Seek, Tongcheng Travel, Stubhub, Visional, Inchcape, TX Group and HBX Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1B | ($16M) | 2.0x | 1.7x | (125.5x) | 13.1x | |||
| $174M | $73M | 16.1x | 11.0x | 38.6x | 25.9x | |||
| $2.4B | $122M | 1.3x | 1.6x | 25.4x | 11.3x | |||
| $914M | ($63M) | 4.2x | 4.5x | (61.7x) | 10.2x | |||
| $2.9B | $659M | 0.7x | 0.7x | 3.0x | 2.6x | |||
| $1.7B | ($1.4B) | 1.4x | 1.3x | (1.7x) | 6.7x | |||
| $515M | $157M | 3.3x | 2.6x | 10.8x | 9.3x | |||
| $12B | $867M | 0.4x | 0.4x | 5.4x | 5.0x | |||
This data is available for Pro users. Sign up to see all RigUp competitors and their valuation data. Start Free Trial | ||||||||
Common questions about RigUp
| When was RigUp founded? | RigUp was founded in 2014. |
| Where is RigUp headquartered? | RigUp is headquartered in Austin, TX, United States. |
| Is RigUp publicly listed? | No, RigUp is a private, VC-backed company. |
| What is RigUp's valuation? | RigUp was last valued at $2.9B in its Series E in May 2021. |
| How much funding has RigUp raised? | RigUp has raised $723M across 7 funding rounds. |
| What was RigUp's last funding round? | RigUp's last funding round was a $300M Series E in May 2021, led by Baillie Gifford. |
| Who are RigUp's investors? | RigUp's investors include Founders Fund, Quantum Energy Partners, Bedrock, Recharge Capital, Baillie Gifford, BoxGroup, Andreessen Horowitz, Great Oaks Venture Capital, Global Reserve Group, Frees Fund and 11 others. |
| Which companies are comparable to RigUp? | Companies comparable to RigUp include Job&Talent, Upwork, Seek, Visional, Andela and BOSS Zhipin. |
See companies similar to RigUp
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