Upwork, the online freelancer’s website, went public earlier this year Their stock, under ticker symbol EB, is now being traded on the New York Stock Exchange. At the time their Chief Executive Officer Stephane Kasriel said that the goal was to show everyone that they operate the world’s biggest online marketplace that connects freelancers and businesses together.
This company is the result of two companies having merged in 2014. These were Elance and Odes. Among the biggest investors that took part in their IPO was Dragoneer Investment Group which bought 20 percent of the company. Other big stakeholders in Upwork include SG Growth Partners, Benchmark, Globespan Capital Partners, and Sigma Partners.
On the Upwork website, companies and independent professionals can connect and collaborate on a project together. They have 12 million freelancers registered with them and there are five million registered businesses from around the world. About three million jobs are posted on their website each year. The types of skills they offer to their clients include app developers, translators, writers, graphic designers, marketing, sales, and consulting.
At Upwork, they use algorithms that process information such as the skills of the freelancers, feedback from companies that have used their services previously, and job success. This information is provided to both companies and the freelancer themselves. The companies use this information to decide whether a freelancer would be a good match for a project they need to be worked on.
Upwork makes money by taking a percentage of the freelancer’s income they earned from a project. They receive 20 percent of the first $500 that a freelancer has earned from a company and, after that, it drops to 10 percent. Once a freelancer has exceeded $10,000 with any particular company the fee drops again, this time to 5 percent.
The first thing a new user does on the Uplink website is to create their profile, listing out their job skills and other pertinent information. They say that users need to be honest about their skills and their level of expertise in each as if they can’t perform on jobs they could see their account either paused or closed.