6,294
edits
Upwork: Difference between revisions
→Overview of the Company
| Line 114: | Line 114: | ||
Upwork is one of the largest companies that connects freelancers and clients. It was formed in 2013 through a merger between oDesk and Elance<ref>https://www.upwork.com/press/releases/odesk-and-elance-announce-merger-2</ref>. However, it was in 2015 that Elance-oDesk rebranded to Upwork<ref>https://techcrunch.com/2015/05/05/elance-odesk-rebrands-as-upwork-debuts-slack-like-chat-platform/</ref>. Upwork went public in 2018, raising $187 million at around $1.5 billion valuation<ref>https://www.cnbc.com/2018/10/03/upwork-ceo-on-ipo-day-we-do-not-incentivize-for-less-pay-for-freelancers.html</ref>. Its initial founders who include Odysseas Tsatalos, Stratis Karamanlakis, Beerud Sheth, Sanjay Noronha, and Srini Anumolu are no longer with the company<ref>https://morganoverholt.com/upwork-founder/</ref>. As of December 2021, Upwork had 650 employees. Throughout 2021, the company also employed 1,800 freelancers to perform internal duties<ref>https://investors.upwork.com/static-files/f9770045-d71e-48c5-a793-20ccde8be73f</ref>. The company is headquartered in California, United States. | Upwork is one of the largest companies that connects freelancers and clients. It was formed in 2013 through a merger between oDesk and Elance<ref>https://www.upwork.com/press/releases/odesk-and-elance-announce-merger-2</ref>. However, it was in 2015 that Elance-oDesk rebranded to Upwork<ref>https://techcrunch.com/2015/05/05/elance-odesk-rebrands-as-upwork-debuts-slack-like-chat-platform/</ref>. Upwork went public in 2018, raising $187 million at around $1.5 billion valuation<ref>https://www.cnbc.com/2018/10/03/upwork-ceo-on-ipo-day-we-do-not-incentivize-for-less-pay-for-freelancers.html</ref>. Its initial founders who include Odysseas Tsatalos, Stratis Karamanlakis, Beerud Sheth, Sanjay Noronha, and Srini Anumolu are no longer with the company<ref>https://morganoverholt.com/upwork-founder/</ref>. As of December 2021, Upwork had 650 employees. Throughout 2021, the company also employed 1,800 freelancers to perform internal duties<ref>https://investors.upwork.com/static-files/f9770045-d71e-48c5-a793-20ccde8be73f</ref>. The company is headquartered in California, United States. | ||
The marketplace posts over 10,000 skills and more than 90 job categories, engaging in over 3 million jobs annually<ref>https://investors.upwork.com/static-files/28d7a49a-75bd-4eb9-b57f-96b0ec3ed378 page.3</ref>. A recent Upwork press release indicates that there are over 2 million freelancers on the platform<ref>https://investors.upwork.com/news-releases/news-release-details/upwork-expands-support-full-time-hiring-further-unlocking-worlds</ref>. Its client base constitutes primarily small and medium businesses(SMBs). In fact, Upwork generated more than 80% of its gross service volume(GSV) from SMBs in Q1 2021<ref>https://investors.upwork.com/static-files/d4ef2d59-4aaa-45f9-909e-8638164f88da page.8</ref>. During the BOFA conference held on June 6, 2023, Hayden Brown mentioned that the ratio of SMBs GSV to enterprise clients GSV is 80%:20%. At the end of Q3 2022, Upwork had 818,000 active clients and over 300 enterprise clients<ref>https://investors.upwork.com/static-files/b5ef19da-22d6-4701-a36b-aa86cb398a6b#:~:text=Our%20overall%20take%20rate%20in,quarter%20of%20the%20prior%20year. page.12</ref>. Some of its clients include Microsoft, Genesys, Godaddy, Corel, Coty, etc<ref>https://investors.upwork.com/static-files/d4ef2d59-4aaa-45f9-909e-8638164f88da page.8</ref>.[[File:Upwork Revenue breakdown.png|thumb|345x345px|https://investors.upwork.com/static-files/c737834a-5f46-46d9-8388-2857a82dbee8<nowiki/>[https://docs.google.com/spreadsheets/d/1HEX9PT_YXkz-eua9tR-FFx-s6gAr-7ZoTmbW8RbRqYE/edit#gid=1547258922 Sheet]]] | The marketplace posts over 10,000 skills and more than 90 job categories, engaging in over 3 million jobs annually<ref>https://investors.upwork.com/static-files/28d7a49a-75bd-4eb9-b57f-96b0ec3ed378 page.3</ref>. A recent Upwork press release indicates that there are over 2 million freelancers on the platform<ref>https://investors.upwork.com/news-releases/news-release-details/upwork-expands-support-full-time-hiring-further-unlocking-worlds</ref>. Its client base constitutes primarily small and medium businesses(SMBs). In fact, Upwork generated more than 80% of its gross service volume(GSV) from SMBs in Q1 2021<ref>https://investors.upwork.com/static-files/d4ef2d59-4aaa-45f9-909e-8638164f88da page.8</ref>. During the [https://www.investmentwiki.org/wiki/Upwork:_Conferences/BOFA BOFA conference] held on June 6, 2023, Hayden Brown mentioned that the ratio of SMBs GSV to enterprise clients GSV is 80%:20%. At the end of Q3 2022, Upwork had 818,000 active clients and over 300 enterprise clients<ref>https://investors.upwork.com/static-files/b5ef19da-22d6-4701-a36b-aa86cb398a6b#:~:text=Our%20overall%20take%20rate%20in,quarter%20of%20the%20prior%20year. page.12</ref>. Some of its clients include Microsoft, Genesys, Godaddy, Corel, Coty, etc<ref>https://investors.upwork.com/static-files/d4ef2d59-4aaa-45f9-909e-8638164f88da page.8</ref>.[[File:Upwork Revenue breakdown.png|thumb|345x345px|https://investors.upwork.com/static-files/c737834a-5f46-46d9-8388-2857a82dbee8<nowiki/>[https://docs.google.com/spreadsheets/d/1HEX9PT_YXkz-eua9tR-FFx-s6gAr-7ZoTmbW8RbRqYE/edit#gid=1547258922 Sheet]]] | ||
The United States is an important market for Upwork in terms of clients and freelancers. In Q3 2022, Upwork derived 74.45% of its client revenue from the United States. Similarly, 26.28% of its freelance revenue in the same period was obtained from the same country. India and the Philippines are other markets that account for the largest portion of its freelance revenue. Upwork derived 13.79% and 12.14% of its freelance revenue from the two countries, respectively. | The United States is an important market for Upwork in terms of clients and freelancers. In Q3 2022, Upwork derived 74.45% of its client revenue from the United States. Similarly, 26.28% of its freelance revenue in the same period was obtained from the same country. India and the Philippines are other markets that account for the largest portion of its freelance revenue. Upwork derived 13.79% and 12.14% of its freelance revenue from the two countries, respectively. | ||