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Israel – Online staffing platform Fiverr files for IPO, reports net loss increased to $36.1 million last year

20 May 2019

Online staffing provider Fiverr International Ltd filed a registration statement with the US Securities and Exchange Commission for its proposed initial public offering. Fiverr, which is headquartered in Tel Aviv, Israel, intends to list its ordinary shares on the New York Stock Exchange under the ticker symbol FVRR.

The company filed to raise a placeholder amount of $100 million; the number of shares to be offered and the price range for the offering have not yet been determined.

According to the filing, net loss at the company increased to $36.1 million in 2018 from $19.3 million in 2017. However, revenue rose to $75.5 million, up 44.9% from $52.1 million in 2017.

Fiverr is a marketplace for creative and digital services including graphic design, digital marketing, programming, video and animation. Its freelancers have completed more than 50 million gigs from more than 200 service categories across more than 160 countries.

In February, Fiverr acquired venture-backed ClearVoice, a subscription-based content marketing platform. It was Fiverr’s third acquisition in two years, following deals for AND CO, a platform for freelancers to manage invoices, income and expenses; and San Francisco-based Veed.me, an online platform that enables clients to connect with videographers.

Fiverr was last valued at $262 million in 2015, according to Business Insider.

Bloomberg previously reported the company would seek a valuation of $800 million in its IPO. Founded in 2010, it has raised $111 million from investors such as Bessemer Venture Partners and Qumra Capital.

Staffing Industry Analysts ranks Fiverr as the seventh-largest B2B business-focused human cloud platform. The largest firm on the list, US-based Upwork, began trading its stock on the Nasdaq market in October.