The Fiverr is on!

Fiverr, a five-year old online market for buyers and sellers of “gigs” – the company’s coined term for online jobs — has increased its funding, eliminated basic cost, and introduced new tool to help grow its community of buyers and sellers.

Fiverr raised funding by 54%

In its recent financing round, the company has raised $60 million dollars, an amount twice as big as their Series C funding in August 2014. Led by Square Peg Capital and supported by existing investors Qumra Capital, Bessemer Venture Partners, and Accel Qumra Capital, this series has driven the company’s funding to $111 million.

The Tel-Aviv based company also eliminated its $5 base cost to lure more freelancers. It is a drastic move for the company, whose name is derived from the word “five”, their minimum price.

Driven to make waves in the sharing economy, Fiverr has also introduced a new tool, Gig packages, which give freelancers the freedom to set their own prices and bundle services. Offered in several levels and standardized to make the whole process easy-to-understand for both buyers and sellers, they aimed to arrive to justifiable pricing agreements between both parties. These Gig packages will be gradually rolled out to different markets, starting with Writing & Translation Music & Audio, and Graphics & Design.

Fiverr claims to generate around 1 million transactions per month, and with their new set-up, it hopes to attract the 97 percent of the freelancers’ population.