The Israeli online marketplace for freelance Fiverr is readying up for an initial public offering (IPO) on Nasdaq at a valuation of $1 billion. The company’s target date for completing the offering is at the start of 2019.
Founded in 2010 by Shai Wininger and Micha Kaufman, Fiverr has raised $110 million to date in five fundraising rounds. Its investors include Square Peg Capital together with Guy Gamzu and Adam Fischer, Accel Partners, Bessemer Venture Partners Qumra Capital, and Jonathan Kolber. Fiverr employs 300 people, 200 of them in Israel.
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In January the company acquired the American startup And Co with a portfolio of online tools to help freelancers manage their businesses.
The company name comes from the beginning when services were offered at a single price of $5. The company’s freelancers offer services in copyrighting, graphic art, video editing, etc typically prices are set very low but recently the freelancers set their own prices. Professionals may ask as high as $10,000.
The company biggest competitors are Freelancer.com and Upwork. In the United States Fiverr rated among the most popular websites.
According to the company, about one million freelancers use its platform. 7,500 new job offers every day and does a million job matches a month. Most of the freelancers are from developing countries.
Fiverr co-founder Shai Wininger left the company to found an online insurance company Lemonade in April 2015.