Upwork Freelancer Platform Makes Profits Through IPO
Upwork is one of the largest freelancing networks around the globe. The company was formed in the year 2014 when tow companies by the name lance and oDesk merged. Lance was founded 22 years ago and oDesk was founded eighteen years ago. Following their merge, Upwork came to be. The Chief Executive Officer of Upwork is Stephane Kasriel. Kasriel has taken it upon himself to raise funds for the company and so far he has been able to raise more than a hundred million dollars from investments. The first round was funding was done immediately after the merge amounting to thirty million dollars that went to the start of the company.
One of the largest investors of the company is Benchmark which owns a stake in the company amounting to 15 percent of the total stakes. Sigma is also a partner with 14.2 percent shares. Globes Capital Partners, T. Rowe, First Mark Capital, and SG Growth Partners are also other partners with 12.9, 10.6, 5.7 and 5.5 percent of the shares respectively. At the beginning of the month of October this year, Dragoneer Investment group made a thirty-two million dollar investment in the company making them the largest shareholder with twenty percent of the company’s shares. There several other investors looking to invest in the company which has been doing impeccably since it was founded. In fact, reports show that the company earns more than 225 million dollars annual revenue. The services that the company offers amount to nearly 1.5 million dollars.
Upwork employs more than 300000 freelancers who offer services to almost a hundred thousand clients form more than a hundred and eighty countries in different parts of the globe. The clients being served by Upwork come from more than a hundred business categories and a variety of industries.
How does the Upwork platform work?
The Upwork platform is a means that connects employers from different parts of the globe with freelancers so that they can work distantly. The freelancers at Upwork have to create a profile and go through a series of tests in order to form an account. The account is then made available for employers to scrutinize and find the best-suited employee with whom they will work on either short-term or long-term projects.