Benchmark, a venture capital firm based in Menlo Park, California, acquired a significant number of shares in Upwork (NASDAQ:UPWK) based on its latest 13G filing with the Securities and Exchange Commission (SEC).
On February 20, Benchmark beneficially owned 12,852,570 shares of Upwork. Its stake in the global freelancing platform is equivalent to12.1 percent.
According to the regulatory filing, Benchmark Capital Partners V, L.P. directly owned 9,827, 630 shares or 9.2 percent in Upwork.
Benchmark Founder Fund V L.P. directly owned 1,204, 259 shares or 1.1 percent; Benchmark Fund V-A L.P. directly owned 230,569 shares or 0.2 percent, and Benchmark Founders’ Fund V-B, L.P. directly owned 181,433 shares or 0.2 percent in the company.
The venture capital firm provided early stage funding for several successful startups including Dropbox, Discord, Instagram, Twitter, Uber, and Snapchat.
UPWK stock closed at $22.50 per share on Monday, down less than 1 percent. Over the past month, Upwork’s stock value rose 18 percent from its trading price of $18.94 per share on January 28.
