For a start-up listing on a stock exchange and going public is akin to finding pot of gold at the end of the rainbow. The most recent to find the rainbow this year is Upwork, a platform for free-lance workers.
A prominent startups of “gig economy,” Upwork has confidentially filed for its initial public offering, Recode reported. Upwork will become a public company soon unless the startup gets pulls back its plans or gets acquired.
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Upwork stands to grow as workplaces become more and more digital and out-of-office. Upwork connects freelancers – writers, graphic designers, computer programmers – to employers who want a part of a job or a full project to be completed for a lump-sum payment.
Upwork makes its money by taking a cut of the cash paid to the freelancer. The company hasn’t disclosed any revenue figures, but it has flirted with a billion-dollar valuation in the past (that is before one of its own investors slashed estimates of its value), reported Recode.
Upwork is led by CEO Stephane Kasriel. The company is the product of a 2013 merger between two prior, similar companies: Elance and oDesk.
Upwork is following the trend of startups, which a few years back would have raised money from venture capitalists, opting for IPOs.