Upwork is a global financing platform that allows businesses to interact with independent professionals remotely. Upwork is considered one of the largest freelance marketplaces in the World. Upwork allows clients to interview and hire different freelancers and agencies through the company’s platform.
Recently, the company announced that they are going public. The company was created through a merger between online talent marketplaces Elance and oDesk. Upwork operates in over 100 countries around the World. Upwork’s revenues come from the service fees that freelancers are charged with when they find jobs on the platform. Upwork only makes money when the freelancers make money. Upwork generates millions of dollars every year.
Upwork will be listed on the NASDAQ Exchange. Citi and RBC Capital Markets helped create the deal. Upwork Chief Executive Officer Stephane Kasriel says that the company is excited to help change the way that work gets done. Kasriel says that Upwork helps create more economic opportunities so that people can enjoy more financial freedom.
Upwork seeks to raise money by increasing the price of its shares. As a result of the change to the IPO, Dragoneer Investment Group has said that they will purchase more stock. Upwork’s IPO is the latest in an emerging trend that involves privately shared companies heading to the public markets to help raise funds. The trend is also a sign of the continuing expansion of contractors in the workforce. Some of Upwork’s investors include Benchmark Capital, T. Rowe Price, First Mark Capital, and DAG Ventures. Upwork differs from other emerging IPOs because it does not have a dual class share structure.
Kasriel notes that Upwork is growing at a fast rate. The company’s revenue rises every year, along with their core client growth and client speed retention. Kasriel expects Upwork to continue rising in popularity as the millennials begin to take over the workplace.