Private; written down by mutual-fund holders in SEC filings (marks below).
The rise & fall
6 moments Β· 2014β2024
The key moments, with employee sentiment along the way.
2014
π±
2014
Founded in Austin as RigUp
A marketplace matching oil-and-gas crews with the energy companies that need them.
TechCrunch
Oct 2019
π¦
Oct 2019
Joins the unicorn club
An Andreessen Horowitz-led round makes the oilfield-labor marketplace one of Austin's most valuable startups.
TechCrunch
2021
π
2021
The peak: a $2.9B Series E$2.9B
The rebranded Workrise raises at nearly $3B as the late-stage boom crests.
TechCrunch
2022β24
π¬
From the inside Β· Glassdoor reviews, 2022β24
Glassdoor reviewers described the retrenchment years as layoff rounds and strategy resets so frequent staff could no longer tell what the company wanted to be, with insiders counting several CEO changes in a few years. Those who stayed called the leaner company steadier.
2024
π
2024
Slips out of the club
No headline crash β just mutual-fund holders quietly marking the stock below the $1B line in SEC filings.
SEC filing
Today
βοΈ
Today
Still private β the funds keep marking
BlackRock Credit Strategies Fund marks it at $1.00/share Β· -4% from its peak mark Β· as of Jun 2023
SEC NPORT-P
π¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β; dated facts carry their source.
How it happened
Workrise (formerly RigUp) is a marketplace and staffing network for energy-industry workers and vendors, last valued near $2.90B in its 2021 Series E; mutual-fund holders have since marked it below the $1B unicorn line, and it remains private. Those who stayed described the leaner company as steadier, while lamenting the talent that had left.
Mutual-fund markdowns
3 funds Β· SEC NPORT-P
How U.S. mutual funds fair-value this still-private company in their quarterly SEC filings.
Per-share mark from peak
-4%
BlackRock Credit Strategies Fund
$1.04 β $1.00
as of Jun 2023
Fund
Class
$/sh
From peak
As of
BlackRock Credit Strategies Fund
$1.00
-4%
Jun 2023
First Trust Alternative Opportunities Fund
Common
$93.53
-34%
Mar 2026
First Trust Private Assets Fund
Common
$93.53
-28%
Mar 2026
Source: SEC EDGAR Form NPORT-P (Level-3 fair-value marks). Per-share marks reflect the fundβs own valuation of a specific share class and arenβt a company-wide valuation. Last refreshed Jun 2026.
Source: SEC NPORT-P fund marks (below); peak per primary round
Founders
XY
Xuan Yong
Co-Founder & CEO (to Dec 2022; now Chairman)
Now Chairman / Co-Founder at RigUp Β· LinkedIn β
