Upwork is a site that connects remote freelancers to business is now public. Upwork is now among the list of startups that were doing fine as private companies and have taken the plunge into the secure 2018 stock market.
How Upwork Was Created
Upwork was created after a merge of Elance and oDesk. Those two companies are historically the oldest and largest places to find freelancers. After the merger the new company Upwork emerged in 2015. It is the biggest platform for skilled-trades in the globe. The business name is Upwork Global Inc., and it runs in 180 countries. The freelancers available on this site range from finance experts, to marketers, designers and various writers. The company makes its money by charging a service fee to the freelancers that find work. The workers are charged a percentage of their earnings which reduces over time. Several of the freelancers on the site have worked for their clients for a long time. June 2018 made the mark of 2 million jobs with the 375,000 workers and 475,000 clients that are registered to the site.
The Upwork CEO addressed the question of how the company works. He says the company makes money when the freelancers make money. He says the company only benefits when the freelancers can find enough work and make as much as they can. He says the company weeds out the freelancers with applications and only takes about 2%. He also states the company takes up to 15% of the billings. Upwork claims to have the biggest online global marketplace that allows companies to locate and utilize very skilled freelancers. This is measured by gross services income.
Grossing The Most
In June of 2018 The past year’s revenue was $229 million for gross services value. That means that $229 million was how much was paid out for service work on the platform. The company plans to be listed on the Nasdaq exchange and use the symbol UPWK. For the first six months of 2018 a single client was responsible for 10% of the company’s revenue. In the past two years there were also other clients who were responsible for 10% of revenue.
Find out more about Upwork: https://itunes.apple.com/us/app/upwork/id944344799?mt=8