An electronic board displaying market data is seen at the entrance of the Tel Aviv Stock Exchange, in Tel Aviv, Israel January 29, 2017.
(photo credit: BAZ RATNER/REUTERS)
Israeli online freelancer platform Fiverr began trading Thursday on Wall Street at a company value of $650 million. The company announced that its Initial Public Offering (IPO) was being held at $21 per share on the NYSE and the share will trade under the FVRR ticker.
Founded in 2014, Fiverr has developed an online platform in which freelancers offer services in more than 200 categories in the gig economy, among them graphic design, marketing and communications, writing, translation, copywriting, and software development. No single category contributes more than 15% of Fiverr’s revenue. At first, all services via Fiverr were offered for $5. Later, freelancers were enabled to offer services at higher prices. Fiverr receives a fee for each deal, from both the service provider and service buyers.
The company is not yet profitable and lost $36 million in 2018. In the first quarter of 2019, Fiverr lost $5.4 million, Globes reported.
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