Terawork

Terawork is a Nigerian online freelance marketplace used by individuals, agencies, and small and medium-sized enterprises (SMEs). The platform also offers a search engine, real-time chat, escrow system, work management tools, payments, and post-work review capabilities. The platform’s freelancer pool provides more than 55 services in nine categories, such as programming and tech, web development and digital marketing, video and animation, audio services, art, and design.

In addition to the categories offered, the platform is testing non-professional services, including fashion (makeup artists), fitness (instructors), and events (planning), among others. Depending on the project, freelancers are charged a commission between 7% and 13% compared to the 15%-25% charged by larger players such as Upwork and Fiverr. The company claims it will achieve profitability in 2021.

The platform has mechanisms to discourage scams by provisioning sanctions, such as reducing the visibility of freelancer profiles reported by users.

The platform currently supports transactions in more than 10 currencies, and its platform is available in South Africa, Ghana, Kenya, the US, Canada, and the UK. Terawork claims that more than 60% of its customers are repeat buyers, and it has a 98% completion rate on projects. It plans to roll out its mobile application in Q1 2021and raise funds toward the end of 2021.