Upwork is a company that was founded in 2014. It is a website that helps people to get in touch with freelance workers who are willing to do various types of projects. Upwork was the product of a merge between two companies, Odesk and Elance. Odesk and Elance did the same thing that Upwork now does. Elance had originally started in 1998, and Odesk had originally started in the earlier part of the 2000s. Ever since the companies merged in 2014, Upwork has come up with $100 million from investors. The first $30 million came quickly after the merge.
There are a number of big investors who own large parts of Upwork. These companies include Globespan Capital Partners, Benchmark, Sigma Partners, SG Growth Partners, First Market Capital and T. Rowe Price. Recently, Dragoneer Investment Group said that they were going to purchase 20% of Upwork.
According to records that have been filed, Upwork has had $225 million in revenue. Their gross services volume is $1.5 billion. There have been upward of 350,000 freelance employees and 95,000 employers that have gone through Upwork. All of these people span 70 work categories. Employers go through Upwork to find freelancers who can do tasks in a variety of areas, including graphic design, writing and programming. They allow people to put in search criteria when it comes to searching for employers and employees. There are various conditions that Upwork puts up. For example, Upwork take out 20% of the first $500.00 that a person earns when working with a specific employer. After the first $500.00, they take out $10.00. When a freelancer makes more than $10,000.00 with an employer, Upwork takes out only 5%.
Upwork rewards freelancers who have already worked with employers through the site, as well as those who have consistently worked with the same employers for a long amount of time.
Economists say that 94% of the new work that has been generated within the past ten years has come from freelancing, temp agencies and independent contractors. It is expected that by 2025, the freelance market will grow to make $2.7 trillion.