Upwork Global Inc | Largest Freelance Company No 1

Last updated on September 10th, 2022 at 02:36 am

Upwork Global Inc are changing the way work gets done by placing independent talent at the heart of every business.

Profile of Upwork Global Inc

Upwork was incorporated in the State of Delaware in December 2013 prior to and in connection with the combination of Elance, Inc., which the company refer to as Elance, and oDesk Corporation, which we refer to as oDesk.

Upwork is the world’s work marketplace, connecting millions of businesses with independent talent from around the globe. The company serve everyone from one-person start-ups to 30% of the Fortune 100 with a powerful trust-driven platform that enables companies and freelancers to work together in new ways that unlock their potential.

The talent community earned over $2.3 billion on Upwork in 2020 across more than 10,000 skills, including website and app development, creative and design, customer support, finance and accounting, consulting, and operations.

Top Freelance company in the world

In connection with the combination, the company changed the name to Elance-oDesk, Inc. in March 2014, and then to Upwork Inc. in May 2015. In 2015, we commenced consolidation of the Elance platform and the oDesk platform and following the consolidation in 2016, began operating under a single work marketplace.

The company principal executive offices are located at 2625 Augustine Drive, Suite 601, Santa Clara, California 95054, and mailing address is 655 Montgomery
Street, Suite 490, Department 17022, San Francisco, California 94111.

  • The company telephone number is (650) 316-7500.
  • website address: www.upwork.com.

The company talent community earned over $2.3 billion on Upwork in 2020 across more than 10,000 skills, including website and app development, creative and design, customer support, finance and accounting, consulting, and operations.

Upwork Global Inc operate the world’s largest work marketplace that connects businesses, which the company refer to as clients, with independent talent, as measured by gross services volume, which the company refer to as GSV.

During the year ended December 31, 2020, the company work marketplace enabled $2.5 billion of GSV.

The company define freelancers as users that advertise and provide services to clients through our work marketplace, and define clients as users that work with freelancers through work marketplace.

For freelancers, the company serve as a powerful marketing channel to find rewarding, engaging, and flexible work. Freelancers benefit from access to quality clients and secure and timely payments while enjoying the freedom to run their own businesses, create their own schedules, and work from their preferred

Upwork Global Financials
Upwork Global Financials

Moreover, freelancers have real-time visibility into opportunities that are in high demand, so that they can invest their time and focus on
developing sought-after skills.

For clients, the company work marketplace provides fast, secure, and efficient access to high-quality talent with over 10,000 skills across over 90 categories, such as
sales and marketing, customer service, data science and analytics, design and creative, and web, mobile, and software development.

The company offer a direct-totalent approach as an alternative to traditional intermediaries such as staffing firms, recruiters, and agencies by providing high-quality independent talent and features that help build trusted relationships and instill trust in remote work, including the ability to engage freelancers as either independent contractors or as employees of third-party staffing providers.

The company work marketplace also enables clients to streamline workflows, such as talent sourcing, outreach, and contracting. In addition, our work marketplace provides access to essential functionality for remote engagements with freelancers, including communication and collaboration, time tracking, invoicing, and payment.

The company clients range in size from small businesses to Fortune 100 companies.
We believe that a key differentiator and driver of our growth is our track record of creating trust and enabling our users to successfully connect at scale.

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World’s largest work marketplace

As the world’s largest work marketplace that connects businesses with independent talent, as measured by GSV, benefit from network effects that drive growth in both the number of clients posting jobs and the number of freelancers seeking work.

Upwork growth is driven by long-term and recurring use of work marketplace by users. The company generate revenue from both freelancers and clients, with a majority of revenue generated from service fees charged to freelancers.

The company also generate revenue from fees charged to both clients and freelancers for other services, such as for transacting payments through work marketplace, premium offerings, purchases of “Connects” (virtual tokens that allow freelancers to bid on projects on our work marketplace), foreign currency exchange, and our Upwork Payroll offering.

In addition, upwork provide a managed services offering where the company engage freelancers to complete projects, directly invoice the client, and assume responsibility for work performed.

Marketplace and Managed Services

Upwork have marketplace offerings and a managed services offering. The company marketplace offerings include

  • Upwork Basic,
  • Upwork Plus,
  • Upwork Enterprise, and
  • Upwork Payroll.

Upwork Basic: Upwork Basic offering provides clients with access to independent talent with verified work history on our work marketplace and client feedback, the
ability to instantly match with the right freelancers, and built-in collaboration features.

Upwork Plus: Upwork Plus offering is designed for teams looking to stand out to quality talent and scale hiring quickly. In addition to receiving all the product
features of Upwork Basic, Upwork Plus clients can access personalized assistance, whether strategic or job-specific. They also receive perks such as a
verified client badge and highlighted job posts, which stand out to top freelancers and help clients achieve results.

Upwork Enterprise: Upwork Enterprise offering is designed for larger clients. Upwork Enterprise clients receive all the product features of Upwork Plus, in addition to consolidated billing and monthly invoicing, a dedicated team of advisors, detailed reporting with company insights and trends to enable clients to hire faster and more successfully, and the opportunity for clients to onboard pre-existing independent talent onto work marketplace.

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Upwork Enterprise also offers access to additional product features, premium access to top freelancers, professional services, and payment terms flexibility. Additionally, through enterprise compliance offering, clients can engage us to determine whether a freelancer should be classified as an employee or an independent contractor based on the scope of freelancer services agreed between the client and freelancer and other factors.

Upwork Payroll: Upwork Payroll service, one of our premium offerings, is available to clients when they choose to work with freelancers they engage through Upwork
as employees. With Upwork Payroll, clients have access to third-party staffing providers to employ their workers so that they can meet their talent needs
through our work marketplace.

Managed Services Offering

Through our managed services offering, we engage freelancers directly or as employees of third-party staffing providers to perform services for clients on
our behalf, directly invoice the client, and assume responsibility for work performed.

Escrow Services

The company is licensed as an internet escrow agent by the California Department of Financial Protection and Innovation, which refer to as the DFPI. Pursuant
to applicable regulations, funds that hold on behalf of users are held in escrow account and are released only according to escrow instructions that
have been agreed upon by users.

For fixed-price contracts, the client deposits funds that are held in escrow, in whole or by milestone, before the freelancer starts to work. The escrow funds are then released to the freelancer upon completion of a project or a milestone.

For hourly contracts, the client receives a weekly invoice on Sunday, at which point the funds for the invoice are placed in escrow, and has several days to review the invoice.

Funds are released to the freelancer after the review period, unless the client files a dispute. In the case of any dispute between freelancers and clients over funds held in escrow have a dedicated team focused on facilitating a resolution between them.

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