Fiverr already worth more than $5b

Micah Kaufmann Photo: Omer Hacohen

The Israeli gig economy platform developer's share price has risen more than sevenfold since its IPO 16 months ago.

Israeli gig economy platform developer Fiverr International Ltd. (NYSE: FVRR) is worth more than $5 billion. The company's share price rose 2.16% on Wall Street on Friday to $153.01, to give a market cap of $5.34 billion.

Fiverr, whose internet platform connects freelancers with customers, thus avoiding the need for face-to-face meetings, has been boosted by the Covid-19 pandemic. Furthermore, with growing unemployment, more and more people are seeking part time freelance and gig work on the Internet.

Founded in 2010 by CEO Micha Kaufman and Shai Wininger, Fiverr held its initial public offering (IPO) just 16 months ago when it raised $110 million at $21 per share at a company valuation of $650 million. Since then the company's share price has risen more than sevenfold.

The company turned profitable in the second quarter of 2020, earlier than expected, and raised $130 million in a secondary offering in May.

Last month Fiverr launched Fiverr Business, a new platform targeting team collaboration and the management of freelance projects.

Published by Globes, Israel business news - en.globes.co.il - on October 4, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Micah Kaufmann Photo: Omer Hacohen
Micah Kaufmann Photo: Omer Hacohen
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