When two companies merged together in 2014, Upwork was formed. Upwork is the leading digital destination for those looking for consultant labor. The company has raised over one hundred million dollars since 2014 in funding. Investors invested thirty million dollars in a first round shortly after the merger. There are talks on the table of an investor investing thirty million dollars into the company. Over two hundred million dollars in revenue has been reported by the digital company. Hundreds of thousands of freelancers in seventy different job fields use Upwork to conduct business. Nearly one hundred thousand clients flock to the site to hire freelancers. Unfortunately, Upwork did report a three million dollar lost. Despite having yet to earn a profit, Upwork is still seen as a great investment from a number of investors.
Upwork’s platform speaks to many people who work as freelancers or gig workers. The platform allows people to work remotely with information being stored in one safe location on the Upwork platform. The gig economy is expanding rapidly with Etsy workers, Uber and Lyft drivers and Air B&B landlords. Upwork allows for today’s millennials to find gig work from their platform. Upwork has its competitors but has the largest platform of its kind. Freelancer, Fiverr, Craigslist and TaskRabbit are their competitors. But for some unique way Upwork has been able to outdo all of these competitors.
Data assets and algorithms uniquely designed solely for Upwork has allowed for the company to flourish in this rising gig economy. Feedback, skills and job success are one of the many ways they are able to match freelancers and employers. Employers are able to evaluate from a list of selected freelancers they would like to hire. Upwork earns a percentage of what an employer hires the freelancer for. Investors are so glued to this company because of the promise both Upwork and this new gig economy are expected to bring. Economists know that for the past decade ninety four percent of new job creation was in non traditional sectors. Upwork may just prove as a big pay off for early investors.