The world’s largest freelance work community: Upwork Inc. (UPWK)

Upwork Inc.(NASDAQ:UPWK) was founded in December 2013 and is headquartered in Mountain View, California, USA. It has 395 full-time employees (6/30/2018). It is a freelance platform, the company creates job opportunities and allows people to live A better life is our mission.


Upwork Inc. (UPWK):

Upwork Inc. was formed by the merger of Elance, Inc. and oDesk Corporation in May 2013. After the merger, it was renamed Elance-oDesk, Inc. in March 2014, and then changed its name to Upwork Inc. in May 2015.

Upwork is a global freelance platform where companies and independent professionals can connect and collaborate remotely. Upwork has 12 million registered freelancers and 5 million registered entrepreneur clients. 3 million jobs are released each year, with a total value of 1 billion US dollars, making it one of the world’s largest freelancer markets alongside Fiverr.

In the 12 months ended June 30, 2018, Upwork’s platform enabled $1.56 billion in GSV in 2 million projects among approximately 375,000 freelancers and 475,000 clients in more than 180 countries.

Upwork is one of the most famous start-ups in the so-called “gig economy”. The continuous development of Upwork has benefited from the digitalization of the workplace and the evolution of no office. Upwork connects freelancers with employers. Usually the former is engaged in some creative work, such as graphic designer or computer programmer, while the latter hopes to spend money to hire some odd jobs. Or you can compare Upwork with TaskRabbit or Thumbtack for remote mental work.

As the workplace becomes more and more digital, more and more people are not working in the office. Upwork connects freelancers-usually those in the creative world, such as graphic designers or computer programmers, to employers, allowing them to meet their needs. Freelancers provide ideas to meet the needs of employers, and they can also be paid accordingly.

Upwork’s revenue method is very simple, it is drawn from the remuneration paid by the company to freelancers. Although Upwork has not disclosed relevant data, it has repeatedly adjusted its multi-billion dollar valuation in the past. I believe that when it goes public, Upwork will give the capital market a big surprise. Upwork will likely be the most representative IPO in the second half of 2018.

Upwork Inc. (UPWK) History:

Elance was founded in 1999 by Beerud Sheth and Srini Anumolu. oDesk was founded in 2003 by Odysseas Tsatalos and Stratis Karamanlakis.

On December 18, 2013, Elance and ODesk announced the merger to create Elance-oDesk, and Upwork was established 18 months later. With the launch of Upwork, the oDesk platform was upgraded and renamed, and the company announced that the Elance platform would be phased out in a few years, thus forming a free market.

Upwork was included in the 5000 list of companies from 2009 to 2014.

As of March 2017, Upwork reported 14 million users in 180 countries, with an annual freelance bill of US$1 billion. Since its establishment in 1999, the company has raised a total of US$168 million through 10 rounds of private equity financing.

Upwork Inc. (UPWK) investment:

Upwork Inc. (NASDAQ:UPWK) submitted the IPO prospectus on 9/6/2018, and listed on NASDAQ on 10/3/2018. The planned issue price is US$10.00-12.00, the actual issue price is US$15, and 12,476,693 shares are issued. Fundraising of $187,150,395.00 was jointly underwritten by Citigroup/ Jefferies/ RBC Capital Markets.

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