Jonathan Kolber has been taking advantage of the rising price of Fiverr (NYSE: FVRR) by selling some of his shares in the Israeli freelance services platform, according to filings with the US Securities and Exchange Commission (SEC). At the end of 2020, Kolber held 2.9 million shares for an 8.5% stake in the company, compared with 4.1 million shares (12.7% of the company) at the end of March 2020, prior to Fiverr's secondary offering.
During that period, Fiverr's share price moved from a low of $23 in early April to a record $223 at the end of 2020. Since the start of the year, Fiverr's share has continued to rise, closing yesterday up 0.95% on Nasdaq, giving a market cap of $8.154 billion.
Assuming that Kolber sold his shares at the average price during the last nine months of 2020, he would have received $130 per share for $250 million, leaving him with a stake worth $690 million.
Fiverr, founded by CEO Micha Kaufman and Shai Wininger has developed a platform to connect up freelancers in a range of professional fields with potential customers. The company has been boosted by the Covid-19 crisis and remote working, with many employers looking for freelance workers online rather than through personal meetings, and many of the new unemployed seeking gig work.
Kolber, who sits on Fiverr's board of directors, was one of the first investors in a private capacity in the company's seed financing stage in 2010. He began his career in Israel as the representative of Canadian businessman Charles Bronfman and served, among other things, as Koor Industries CEO. He then joined the Viola venture capital fund as a partner.
Published by Globes, Israel business news - en.globes.co.il - on January 12, 2021
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