Funding

• Paris-based freelancer platform, Brigad , raised EUR 33 million (~USD 35 million) in equity funding and more than USD 5 million in debt funding. The funding round was led by Balderton Capital, with participation from Wendel Group, Serena Capital, and Square Capital. (February 16, 2023; Company press release , TechCrunch )

M&A

• Fring , a talent platform that connects companies with freelance creative and digital talent globally, acquired FreelanceDev, a Dutch platform that focuses on hiring IT talent. The financial details of the agreement were not disclosed. Fring's team will take over the daily operations and further development of FreelanceDev's platform. FreelanceDev’s founder, Bas Hennekam, will remain with the company. (February 21, 2023; Staffing Industry Analysts )

Product update

• Upwork expanded its offerings to include full-time hiring for businesses with features such as finding, vetting, hiring, onboarding, and paying professionals for full-time work arrangements. Further, the solution included a contract-to-hire feature that allows clients and talent to trial a working relationship before committing to a long-term engagement. (February 13, 2023; Company press release ).   

Earnings/results

• Randstad reported Q4 FY2022 revenue growth of 4% YoY to EUR 7 billion (~USD 7.2 billion), with FY2022 revenue of EUR 26 billion (~USD 29 billion), a 12% YoY increase from FY2021. Randstad’s Q4 FY2022 EBITDA fell to EUR 296 million (~USD 302 million) from EUR 324 million (~USD 370 million), a 9% YoY fall, although it rose to EUR 1.2 billion (~USD 1.2 billion) from EUR 1.1 billion (~USD 1.3 billion) in FY2022, a 7% YoY rise. Randstad’s Q4 FY2022 diluted EPS rose to EUR 1.93 (~USD 1.97) from EUR 1.39 (~USD 1.59), with its FY2022 diluted EPS rising to EUR 5.67 (~USD 5.96) from EUR 4.35 (~USD 5.14). The company noted that the macroeconomic environment softened across its markets in Q4 FY2022, which translated into lower hiring activities from clients. (February 14, 2023; Company press release )

• Upwork’s Q4 FY2022 revenue rose to USD 161 million from USD 137 million, an 18% YoY increase, while FY2022 revenue grew to USD 618 million from USD 503 million, a 23% YoY increase. Q4 FY2022 EBITDA stood at USD 1 million, an improvement from a loss of USD 3 million last year, while FY2022 EBITDA deteriorated to a loss of USD 4 million from USD 19 million in FY2021. Net loss per share for Q4 FY2022 stood at USD 0.13, an improvement from USD 0.18 recorded in the corresponding quarter last year. FY2022 net loss per share stood at USD 0.69, a deterioration from the USD 0.44 recorded in FY2021. For FY2023 the company expects non-GAAP diluted EPS to be between USD 0.11 and USD 0.15, with revenue guidance projected to be USD 690 million–USD 705 million, a 13% YoY growth at the midpoint. (February 15, 2023; Company press release )

• Fiverr reported Q4 FY2022 revenue of USD 83 million, up 4% YoY from USD Q4 FY2021, driven by growth in active buyers and spend per buyer.  FY2022 revenue was USD 337 million, up 13% YoY from USD 298 million. Q4 FY2022 adjusted EBITDA stood at USD 9 million, a 6% YoY increase from USD 9 million last year. Q4 FY2022 net loss per share improved to USD 0.03 from USD 0.53, although its FY2022 net loss per share deteriorated to USD 1.94 from USD 1.81. Fiverr guided FY2023 revenue to be between USD 350 and USD 365 million, implying a 4%–8% YoY growth, with adjusted EBITDA guidance between USD 45 million and USD 55 million. (February 22, 2023; Company press release )

• Freelancer reported its individual FY2022 gross payment volume (GMV) of AUD 128 million (~USD 96 million), down 5% YoY. FY2022 revenue stood at AUD 46 million (~USD 35 million), down 1% YoY. FY2022 Group operating EBITDA loss stood at AUD 7 million (~USD 5 million), with Group FY2022 NPAT loss being reported at AUD 5 million (~USD 4 million). (February 22, 2023; Company press release )