The potential to make profits is very common with online technology firms. These companies are always receiving large sums of investment capital and are therefore able to easily go public with IPO’s. In recent years, companies such as Eventbrite have been trading on the New York Stock Exchange along with other companies such as Spotify and Dropbox. Another company to go public with an IPO is Upwork. This company was recently able to get investors to provide capital for issuing an IPO and getting listed on the top stock exchanges as well.
Upwork Incorporated was established in 2014 when it was formed by a merger between two companies. The two freelance work sites known as Elance and oDesk came together to form one entity. These two companies were founded in the early 2000’s. Since the merger in 2014, the CEO of Upwork, Stephanie Kasriel raised more than $100 million in funding from investors. Today the company has a number of major stakeholders such as Benchmark, Sigma Partners, Globespan Capital Partners and T. Rowe Price. Other companies such as Dragoneer Investment Group announced that it will purchase $32 million worth of assets and up to 20% of the IPO amount.
The company Upwork has made over $225 million in revenue and a gross services amount of $1.5 billion over the last four years. More than 300,000 freelancers provide professional services for clients from the site. There are over 95,000 clients in 180 countries worldwide who seek the help from freelancers in over 70 job categories from Upwork. Therefore, it has established itself as the largest freelance work site in the entire world.
Upwork is a company that provides an internet platform for both freelancers and companies looking to hire them. The site allows freelance workers to provide services to companies from a remote location. Uber is currently the largest platform of freelancers providing short term projects for companies in a variety of industries. There are a number of services that freelancers can provide from Upwork such as web design, web development, writing, editing and finance. In terms of reputation, Upwork is arguably the top site due to its ability to connect workers and employers, offering a reliable system of feedback and trustworthy and timely payments.