Snapshot overview
Fiverr is an online marketplace for freelance services of many different kinds. It particularly emphasizes international connections to fulfill needs in parts of the world where it might otherwise be difficult to find someone with a particular expertise.
Company story
Fiverr International Limited is a Tel Aviv-based company that has been a recognized name in the online freelancer marketplace since 2010 with the Fiverr.com website. Despite there being a number of other sites in this same field, Fiverr has grown to a top 200 site.
In June 2019, Fiverr went public with a declared 2018 revenue of $75.5 million and an opening price of $21 per share.
Original concept for Fiverr
The site was originally inspired by Shai Wininger and Micha Kaufman's desire to provide an alternative to the 9-hour work day, according to their own about page. They wanted it to be simple and quick to hire a freelancer, like ordering from Amazon or eBay, rather than a whole process of vetting and negotiation.
Shai and Micha built the original site themselves before seeking any kind of investment or even design assistance. Though they did go on to receive several rounds of funding, the site began free of outside investment. They created the concept and associated marketplace, freelance work available for $5, and let both the freelancers and the customers find their way.
How Fiverr realized success
Shai and Micha's early emphasis was on growing their freelancer community as aggressively as possible. Though their site would lack polish for some time, as described by their own timeline, it was perfectly functional as a simple tool and all it needed was users. They kept their categories limited to 8 and the sign-up process as simple as possible. Because they only oversaw the marketplace aspect and offered only a single price point, Fiverr was not responsible for determining what exactly would be done for $5, that was up to the freelancers themselves. Their service-as-a-product approach kept things simple for users on both sides and clearly worked well.
The company expanded its site's price range in 2012, allowing more flexibility. By then they had a firm footing in the industry and the increased flexibility seemed to enhance their service. Their financial success, marked by an IPO in 2018, suggests that their strategy has been fruitful.
The founders of Fiverr have remained in direct control since opening its doors. It maintains over 200 employees and is considered a very good place to work, according to Glassdoor reviews consulted in January 2020.
Operations
Though the company didn't seek funding immediately, Fiverr went on to receive five rounds of investment totalling over $110 million from 2010 to 2015. The seed round in June of 2010 raised just $1 million, but series A in January of 2011 raised another $5 million and series B in May of 2012 another $15 million. The most recent two rounds, as of January 2020, came in August, 2014 and November, 2015, raising $30 million and $60 million respectively.
They have opened offices in seven different cities on three different continents, the first in New York in 2012 and the most recent in London, as of January 2020. Fiverr has also acquired a number of different services to enhance their own presence including ClearVoice, a content marketing platform; AND CO, a mobile application to help freelancers manage their invoices; and VeedMe, a video creation marketplace.
1 Website
The total number of writing service websites that Fiverr International Limited owns and operates is 1.
Basics
Type: Public CompanySize: 201-500 employees
Funding: Yes
Founded: February, 2010
Location
Fiverr International Limited8 Eliezer Kaplan St
Tel Aviv 6473409
Israel