Fiverr, an Israel startup backed by Bessemer and Accel, has filed to go public on the New York Stock Exchange.
Fiverr is a marketplace for freelancers to connect with employers. It makes most of its revenue on transaction and service fees.
Bloomberg previously reported that Fiverr would seek an $800 million valuation in its IPO, though its last funding round in 2015 valued the company att $262 million.
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Fiverr, an Israeli startup backed by Bessemer Venture Partners and Accel, has filed to go public on the New York Stock Exchange under the ticker “FVRR.”
The IPO is led by JPMorgan and Citigroup.
Fiverr, which was last valued at $262 million in 2015, is a marketplace for freelancers to match up with potential employers. The platform touts an array of creative projects, such as voice-over work, translations and illustrations.
Bloomberg previously reported that Fiverr would seek a valuation of $800 million in its IPO.
The company is backed by Bessemer Venture Partners, which led a seed round for the company, along with Accel. It has raised $110 million in venture funding since it was founded, according to PitchBook.
Read more: McDonald’s, Nvidia and Salesforce all want a bite of the Tel Aviv tech crop. Here’s what you need to know about Israel’s bustling M&A scene.
The company has a Service-as-a-Product business model, in which the company makes money on service and transaction fees between freelancers and employers, who use the platform for payment of services.
In its registration filing, Fiverr reported $75.5 million in revenue for calendar year 2018, up 44.9% from $52 million in 2017. The company lost $36 million in 2018, compared to $19 million in 2017.
Fiverr is the latest Israeli company to look to the US markets to IPO in a year of multi-billion dollar tech deals.
Tufin, an Israeli cybersecurity company,started trading in April on the New York Stock Exchange.
The Israel payments company Payoneer has reportedly hired a bank for a possible IPO, and the cloud company Zerto is reportedly considering its own listing in New York.
SEE ALSO: Here’s what you need to know about Fastly, the fast-growing unicorn startup that could go public this week at a valuation of $1.45 billion
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Source:: Business Insider