Fiverr, best known as a way to procure freelance talent for everything from marketing to graphic design to writing and video, is expanding to data and analytics via a new vertical.
Data and analytics, Fiverr's first new vertical in nine years, is aimed at smaller businesses looking to get spot help for data science, analytics, data processing, visualization, databases, and data entry.
Fiverr's said that smaller enterprises are also looking to use analytics to improve operations and make business calls to boost growth. The data science expansion for Fiverr also complements its programming vertical.
Micha Kaufman, Fiverr CEO, said "small businesses need to feel empowered to take advantage of the kind of data driven decisions big corporations have been mining for years." Kaufman added that 57% of small businesses say they don't have the right people to implement data-driven strategies. Fiverr's data science vertical includes:
For 2020, Fiverr reported revenue of $189.5 million, up 77%, with a net loss of $14.8 million. The company has 3.4 million active buyers spending $205 per buyer.
By moving upmarket to data science, Fiverr can boost its growth as well as spend per buyer. For 2021, Fiverr is projecting revenue of $277 million to $284 million, up 46% to 50% from 2020.
Fiverr said that high-value buyers spending more than $500 annually represent 58% of core marketplace revenue.
Kaufman said on Fiverr's fourth quarter earnings conference call.
Regarding our priorities for 2021: we are focused on continuing to execute on our strategic initiatives, that is going upmarket, international expansion, and building more value-added products and services as well as continuing to invest in our brand and marketing. You can expect us to continue to expand our upmarket coverage on both demand and supply fronts. On the demand front, we will focus on Fiverr Business and our integrations with WordPress, continuing to roll-out "milestones," and our "subscription" features. And on the supply front, we will focus on the continued improvement of our catalog infrastructure and the expansion of top creative talents through the acquisition of Working Not Working.