Israeli-based freelancer marketplace Fiverr Inc. is the latest tech firm to announce it’s going public. Fiverr has announced after filing its paperwork today with the U.S. Securities and Exchange Commission.
Founded in 2010, Fiverr offers a freelance market place that originally had all services priced at $5 but has since changed that business model. Described as a member of the gig economy alongside companies such as Air tasker Inc., Fiverr freelancers primarily offer digital services.
What about the Fiverr IPO?
Coming into its IPO, Fiverr said it has facilitated more than 50 million transactions among more than 5.5 million buyers. And more than 830,000 sellers to date. But like most tech startups before it, the company is yet to make a profit.
The Numbers Say what about Fiverr Going Public
Fiverr said it booked a loss of $36.1 million in 2018 compared to $19.3 million in 2017. While their revenue grew from $52.1 million to $75.5 million over the same period. Looking forward, the company say that it is likely to continue to lose money for the foreseeable future.
Fiverr Needs to Afloat in Market Place
Cash at hand was reported to be $34.6 million, possibly motivating Fiverr to go public now. So it can raise more money to keep it afloat, that despite having already raised $111 million to date. Investors include Bessemer Venture Partners, Accel, Square Peg Capital, Qumran Capital, and Light bank.
Fiverr Mission of Change
“Our mission is to change how the world works together,” Fiverr said in the filing. “We have started with the simple idea that people should be able to buy and sell digital services in the same fashion as physical goods on an e-commerce platform. On that basis, we set out to design a digital marketplace that is built with a comprehensive SKU-like services catalog and an efficient search, finds, and order process that mirrors a typical e-commerce transaction.”