# Workrise

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/workrise

- Industry: Software
- Headquarters: Austin, US
- Website: www.workrise.com
- Total disclosed funding: $704M
- Latest round: Series E (Feb 26, 2021)
- Investors on record: 20

## About

Workrise Solutions LLC is a U.S.-based company specializing in providing a Source-to-Pay solution tailored for the energy sector, facilitating efficient supplier management through an integrated platform.Workrise Solutions LLC, founded in 2014 and headquartered in Austin, Texas, provides sourcing solutions specifically for the energy industry. The company's founders, Michael Witte and Xuan Yong, possess a strong background in technology and entrepreneurship. In May 2021, Workrise raised USD 300 mn in Series E funding, led by Baillie Gifford, bringing the total amount raised to USD 300 mn and the current valuation to USD 2,962.64 mn. The company has engaged in 11 total deals, with the latest deal occurring in May 2021.Workrise offers a comprehensive Source-to-Pay solution designed specifically for the energy sector, enabling efficient management of non-core suppliers. Key functionalities include vendor management, onboarding, compliance tracking, payment processing, and spend visibility. The platform serves a diverse clientele, including large oil and gas operators and smaller regional players, optimizing sourcing and procurement processes while enhancing project management through real-time insights.Workrise generates revenue through a transaction-based model, partnering with energy companies for sourcing, onboarding, and supplier management. The services are structured on a B2B basis, designed to provide savings of 18-29% in quantifiable costs for clients. The flagship services include vendor management and capital management solutions, with transactions typically involving subscription fees for platform access and potential transaction fees based on services utilized.In May 2021, Workrise Technologies Inc. raised USD 300 mn in Series E funding to accelerate product development and market expansion. The company plans to enhance its product offerings and explore new geographic markets, leveraging the recent funding to support these initiatives.

## Funding rounds

- Series E, Feb 26, 2021, $300M — Brookfield Property Group, Founders Fund, Baillie Gifford, Andreessen Horowitz, 137 ventures, Franklin Templeton, Bedrock, Moore Strategic Ventures
- Series D, Oct 4, 2019, $300M — Quantum Capital Group, Founders Fund, Baillie Gifford, Brookfield Asset Management, Andreessen Horowitz, Bedrock
- Series C, Oct 12, 2018, $60M — Quantum Capital Group, Founders Fund, Global Reserve Group, Bedrock
- Series B, Jun 8, 2018, $10M — FJ Labs
- Series B, Feb 5, 2018, $16M — Quantum Capital Group, Founders Fund, Global Reserve Group, Recharge Capital
- Series A, Nov 11, 2015, $15M — GE Capital, Equity, Moore Capital Management - Private Equity, Founders Fund, Great Oaks Venture Capital, BoxGroup, Frees Fund, Fort Ventures, Counterpart Advisors, Recharge Capital
- Seed, May 9, 2014, $3M — Founders Fund, Great Oaks Venture Capital, BoxGroup

## Investors

- Founders Fund (https://capitalatlas.ai/funds/founders-fund) — Seed, Series A, Series B, Series C, Series D, Series E
- Great Oaks Venture Capital (https://capitalatlas.ai/funds/great-oaks-venture-capital) — Seed, Series A
- BoxGroup (https://capitalatlas.ai/funds/boxgroup) — Seed, Series A
- GE Capital, Equity (https://capitalatlas.ai/funds/ge-capital-equity) — Series A
- Moore Capital Management - Private Equity — Series A
- Frees Fund (https://capitalatlas.ai/funds/frees-fund) — Series A
- Fort Ventures (https://capitalatlas.ai/funds/fort-ventures) — Series A
- Counterpart Advisors — Series A
- Recharge Capital (https://capitalatlas.ai/funds/recharge-capital) — Series A, Series B
- Quantum Capital Group (https://capitalatlas.ai/funds/quantum-capital-group) — Series B, Series C, Series D
- Global Reserve Group — Series B, Series C
- FJ Labs (https://capitalatlas.ai/funds/fj-labs) — Series B
- Bedrock (https://capitalatlas.ai/funds/bedrock) — Series C, Series D, Series E
- Baillie Gifford (https://capitalatlas.ai/funds/baillie-gifford) — Series D, Series E
- Brookfield Asset Management (https://capitalatlas.ai/funds/brookfield-asset-management) — Series D
- Andreessen Horowitz (https://capitalatlas.ai/funds/andreessen-horowitz) — Series D, Series E
- Brookfield Property Group — Series E
- 137 ventures (https://capitalatlas.ai/funds/137-ventures) — Series E
- Franklin Templeton (https://capitalatlas.ai/funds/franklin-templeton) — Series E
- Moore Strategic Ventures (https://capitalatlas.ai/funds/moore-strategic-ventures) — Series E