Workrise

Workrise

Energy sector source-to-pay platform with services

Overview

Workrise provides an end-to-end source-to-pay platform tailored for the energy sector. It blends specialized software with expert teams to connect leading energy companies and their suppliers, covering the full procurement lifecycle from sourcing to payment. The goal is to streamline procurement processes, speed up operations, and improve efficiency for large energy firms by enabling better collaboration across the supply chain. Revenue comes from subscription fees and service charges for both technology and human-delivered support. What sets Workrise apart is its industry focus and the combination of software with hands-on procurement expertise to facilitate ongoing collaboration among energy companies and their suppliers.

About Workrise

Simplify's Rating
Why Workrise is rated
C
Rated C on Competitive Edge
Rated C on Growth Potential
Rated C on Differentiation

Industries

Data & Analytics

Consulting

Energy

Enterprise Software

Company Size

201-500

Company Stage

Series E

Total Funding

$752.5M

Headquarters

Austin, Texas

Founded

2014

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Simplify's Take

What believers are saying

  • Workrise launched Vendor Management in July 2024 and Bid Management in November 2024.
  • Mick Hollison became CEO, and Dave Moxey joined as first CMO in 2024.
  • The 2025 RigUp reset strengthens category clarity for energy procurement buyers.

What critics are saying

  • 2022 layoffs and vertical exits showed prior demand weakness and strategic retrenchment.
  • 2024 and 2025 lawsuits against Workrise Technologies increase legal distraction and costs.
  • Rebranding to RigUp narrows scope, risking dependence on cyclical oil-and-gas demand.

What makes Workrise unique

  • RigUp combines source-to-pay software with managed services for energy operators.
  • September 2025 rebrand back to RigUp signals sharper oil-and-gas focus.
  • Bid Management and Vendor Management cover RFQ through payment in one workflow.

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Funding

Total Funding

$752.5M

Above

Industry Average

Funded Over

8 Rounds

Series E funding typically includes additional rounds after Series D if the company needs more capital. The business is usually stable, and these rounds are typically used for further expansion or to address market challenges.
Series E Funding Comparison
Above Average

Industry standards

$100M
$250M
Reddit
$300M
Workrise
$1.3B
Epic Games
$1.5B
Airbnb

Benefits

Health, dental, & vision insurance

Flexible PTO

401k

Disability & life insurance

Paid parental leave

Growth & Insights and Company News

Headcount

6 month growth

-1%

1 year growth

-6%

2 year growth

0%
Business Wire
May 14th, 2024
Workrise Names Dave Moxey As Company’S First Chief Marketing Officer

AUSTIN, Texas--(BUSINESS WIRE)--Workrise, the source-to-pay company for energy, is proud to announce the appointment of Dave Moxey as its first Chief Marketing Officer and SVP of Strategy. Moxey’s experience in new product introduction and category creation will be pivotal in driving Workrise’s vision of revolutionizing the energy ecosystem by optimizing and automating source-to-pay solutions. Moxey will report to CEO Mick Hollison and be responsible for all aspects of marketing including product marketing, product packaging, and pricing. He will also partner closely with product and sales leadership under his purview as SVP of Strategy as Workrise enters its next phase of growth. "Workrise is developing a unique blend of software and services that will support the largest and most successful energy companies at every step in the process from sourcing to payments,” said Moxey. “Data and AI may be the new oil, but it’s still energy that fuels human potential

Business Wire
Mar 7th, 2024
Workrise Names Mick Hollison As Next Ceo

AUSTIN, Texas--(BUSINESS WIRE)--Workrise, the energy supply chain company, proudly announces the appointment of Mick Hollison as its new Chief Executive Officer. Hollison, a seasoned technology leader renowned for his strategic vision and operational expertise, steps into the role with a commitment to driving Workrise's growth and innovation in the dynamic energy sector. He will also join the company’s board of directors. Mike Witte, the company’s co-founder and previous CEO will remain a member of the board. With over two decades of experience in executive leadership positions across various technology and enterprise software companies, Hollison brings a wealth of knowledge and a proven track record of driving business success. His appointment marks an exciting new chapter for Workrise as the company continues its mission to build software and services that forge the connections that make it easier, faster, and safer to power our world

TechCrunch
May 20th, 2021
Workrise, once known as RigUp, raises $300M at a $2.9B valuation

Workrise, which has built a workforce management platform for the skilled trades, announced today that it has raised $300 million in a Series E round led by UK-based Baillie Gifford that values the company at $2.9 billion.

FinSMEs
May 20th, 2021
Workrise Raises $300M in Series E Funding

Workrise, an Austin, Texas-based workforce management platform for the skilled trades, raised $300m in Series E funding. The round was led by Baillie Gifford, with participation from new investor Franklin Templeton and existing investors Founders Fund, Bedrock Capital, Andreessen Horowitz, Moore Strategic Ventures, 137 Ventures, and Brookfield Growth Partners. The company intends to use the funds to […]

Workrise
May 20th, 2021
Workrise raises $300 million in Series E Funding led by Baillie Gifford

Workrise, the leading workforce management platform for the skilled trades, has raised a $300 million Series E round led by Baillie Gifford.

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