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World – Fiverr begins trading on NYSE; firm ranks as seventh-largest B2B human cloud platform

14 June 2019

Israel-based online staffing platform, Fiverr International, (NYSE: FVRR) began trading yesterday on the New York Stock Exchange.

The company priced shares at $2 and reached $41.68 during yesterday’s trading session, according to the Financial Times.

The number of shares offered in the IPO was 5,263,158. The company first announced its IPO filing last month.

Staffing Industry Analysts ranks Fiverr as the seventh-largest B2B human cloud platform globally.

In the 12 months ended 31 March, Fiverr served approximately 2.1 million active buyers from more than 160 countries, according to a filing with the US Securities and Exchange Commission. It had approximately 255,000 active freelancers in that same period from a similar number of countries.

The company, which trademarked the word “Gig,” was founded in 2010. Its platform features more than 200 categories of service listings. It aims to enable clients to easily find and purchase services such as logo design, video creation and editing, website development and blog writing, according to an SEC filing. The “gigs” range in price from $5 to thousands of dollars.

Revenue growth has been increasing at the company, but it is still posting net losses, according to SEC filings:

  • Fiverr had revenue of $75.5 million last year, an increase of 44.9% from the prior year. However, it posted a net loss of $36.1 million, up from a net loss of $19.3 million in 2017.
  • First-quarter revenue was $23.8 million, a year-over-year increase of 41.9%. It posted a net loss of $8.3 million in the quarter compared to a net loss of $16.3 million in the year-ago quarter.

Fiver had 363 internal employees as of 31 March 2019.

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