# Upstack The fast-growing global pool of highly qualified, vetted software developers ## Elevator pitch We source and vet the best tech talent on the globe and create tech teams for startups. - Canonical URL: https://wefunder.com/upstack - Entity ID: wefunder:company:33333 - Last updated: 2026-06-13T05:00:14Z - Generated at: 2026-06-13T10:40:50Z ## Quick facts - šŸ’ø Bootstrapped company: from zero at founding in 2017, to $12M run rate revenue milestone in 2021 - šŸ’¼ Clients include Intercom, MealPal, IKEA, Taskrabbit, Juul, and Invision - šŸ‘ 37% Gross Profit Margin - āžš 340% revenue growth from 2018 to 2020 - šŸ“ Helped MealPal build their tech team and raise $35M - šŸŒŽ Crossroads of 4 massive markets: Recruiters, job boards, freelance platforms and Dev Shops/Outsourcing - šŸ  Perfect time: COVID-19 has companies going (and staying) remoteā€”Upstack is fully remote & distributed globally - šŸŸ Successfully moved upstream to enterprise & Fortune 500 companies, & robust plans to continue this trajectory ## Active fundraises - wefunder:fundraise:23988: 4(a)(6) successful (USD) - wefunder:fundraise:45556: 4(a)(6) successful (USD) ## Story Upstack provides an all-in-one remote talent solution for fast-growing companies. This innovative platform boasts 340% growth from 2018 to 2020, a 37% Gross Profit Margin, and helps companies easily hire, retain and motivate remote software talent to build successful products. Searching for and vetting qualified software developer candidates can take weeks or months, and many companies donā€™t have the time to spare in their roadmaps. Our all-in-one solution provides vetted, proven developers immediately.Upstack offers an ever-growing, global pool of highly qualified, rigorously vetted software developers. Our proven process makes it easy for a company of any size to scale their team effectively and on demand in a matter of days. Among 120+ highly satisfied clients that have had a chance to work with one of our 1500+ qualified software developers are Intercom, MealPal, IKEA, Taskrabbit, Juul, and Invisionā€”and this list is growing fast. Our clients have raised over $1.4 billion, and Upstack made $6.9M in revenue in 2020 alone. We have a 37% gross margin on all invoices and have seen a staggering 340% growth in 2020 over 2018. And weā€™re still accelerating fast.Weā€™re at the crossroads of 4 massive, fast-growing markets (over $30B TAM): recruiters, job boards, freelance platforms and Dev Shops/outsourcing. Big names like LinkedIn and AngelList are moving into the recruitment sphere, and sites like UpWork are doing our legwork of educating the market on this opportunity.Our clients are backed by some of the largest VC firms in the worldā€”including Comcast Ventures, Crosscut Ventures, Menlo, and Accel. We have helped these startups recruit software talent and products that change the world.We have robust plans to rapidly expand our enterprise footprint, build out our referral program, invest back into the developer community, and reach $1B valuation unicorn status and beyond! *These are forward-looking projections and are not guaranteedIt works because itā€™s simple: Upstack charges clients an hourly rate and pays developers an hourly rateā€”making an average margin of 37% on invoices. Our gross margin allowed us to spend $332k on ads in 2020, increasingly bringing in new leads and growing our revenue exponentially. Hiring remotely is becoming a global challenge, and big players are starting to move into the space. Upstack already has the developers, technology and brand to scale towards collaborating with Fortune 500 companies and building a community of happy, loyal developersā€”the lifeblood of most companies. Now, we just need investors to help us capitalize on our momentum and scale fast to dominate this niche. ## FAQ 1. **By investing in upstack, how are the investors going to be getting the return? In form of shares? Where can I read this information from?** - Hello Amber, thank you for your question! Investors will be offered preferred stock and you can see the details of this in the "details section" of our Wefunder page here: https://wefunder.com/upstack/details. Also at the bottom of the page is the link to our Form C. 2. **1) I apologize if I somehow missed it, but what's the cost of shares? 2) You appear to be operating in a crowded field. How are you differentiating yourself from similar companies like Arc, and what's your competitive advantage? 3) When can we expect to see your Form C and fin...** - Hello Kevin, thank you for your questions. For questions 1 and 3 please refer to the financials and the link to Form C which is at https://wefunder.com/upstack/details. Regarding the second question, while we agree that the industry attracts commercial attention, Upstack differentiates itself through a scalable culture and service value proposition that our competitors are not able to meet. Our purpose-built platform allows for our team to put a greater focus on our clients and our developers... 3. **The listing indicates that it is a priced round. Is the stock being issued Preferred or Common?** - Hello Leonard, thank you for your question! Preferred. 4. **If you generated $6.9 million revenue in 2020, why does your Form C list only $2.3 million for that period? This greatly impacts price-to-sales and my interest in investing.** - Hello Kenneth, thank you for your question! $6.7mm is a gross revenue figure for 2020, $2.3mm is a gross profit (less cost of sales) for the same period. 5. **Almost a month since the first comment here, and no responses yet. Not an encouraging sign. Please follow up soon; still interested in participating once it's all clarified.** - Hello Kenneth, We sincerely apologize for the delay! ## Team - Yossi Mlynsky (Founder & CEO) - Robert Bojor (CTO ) - George Cretu (employee) - Jeremy Guth (Head of Client Acquisition) - Benjamin Steinberg (CFO) - Ben Steinberg (CEO) ## Recent posts - Closing today! (2022-01-17T20:54:01Z) - Massive $200M round!! (2021-10-06T17:25:55Z) - New CFO hired. ex J.P Morgan (and good friend!) (2021-10-04T21:05:49Z) - 400k milestone met (2021-09-27T02:07:26Z) - We hit a big milestone! 300k of the round closed already. (2021-08-24T15:04:49Z) - $12M ARR - We are growing! (fast) (2021-08-03T16:58:28Z) ## Q&A - Q: 1) I apologize if I somehow missed it, but what's the cost of shares? 2) You appear to be operating in a crowded field. How are you differentiating yourself from similar companies like Arc, and what's your competitive advantage? 3) When can we expect to see your Form C and financials? - A: Hello Kevin, thank you for your questions. For questions 1 and 3 please refer to the financials and the link to Form C which is at https://wefunder.com/upstack/details. Regarding the second question, while we agree that the industry attracts commercial attention, Upstack differentiates itself through a scalable culture and service value proposition that our competitors are not able to meet. Our purpose-built platform allows for our team to put a greater focus on our clients and our developers while they work together and build great products and in the backend, the operational aspects of hiring are automated. We hope that we managed to answer your questions, if there are any more curiosities, we are here. - Q: If you generated $6.9 million revenue in 2020, why does your Form C list only $2.3 million for that period? This greatly impacts price-to-sales and my interest in investing. - A: Hello Kenneth, thank you for your question! $6.7mm is a gross revenue figure for 2020, $2.3mm is a gross profit (less cost of sales) for the same period. - Q: The listing indicates that it is a priced round. Is the stock being issued Preferred or Common? - A: Hello Leonard, thank you for your question! Preferred. - Q: By investing in upstack, how are the investors going to be getting the return? In form of shares? Where can I read this information from? - A: Hello Amber, thank you for your question! Investors will be offered preferred stock and you can see the details of this in the "details section" of our Wefunder page here: https://wefunder.com/upstack/details. Also at the bottom of the page is the link to our Form C. - Q: Have a few questions which would enable my decision to invest: 1) What is the LTV /CAC ratio. 2)What is the NPS score 3)what is the % of revenue that your largest customer rakes in.4)What is the quick ratio 5)Logo Retention Rates by No of months since acquisition.6)How will the funds raised be used .Thanks - A: Hey Lyndon, thanks for your message. Our average figures for LTV and CAC is 14 months and $15,000 respectively. Our NPS has averaged 9.3 over the last three years. Our largest client accounts for less than 25% of regular income. Our quick is 2.5 times. Funds have been used for (1) marketing and sales expanision (2) strategic hires (3) platform development - Q: Hi. Since Benjamin Steinberg is hired a CFO now, are you planning to change the lead investor? If not, is it in line with Wefunder regulations and how do you prevent conflict of interest? - A: Hi, thanks for your question. The lead investor will not change unless there is another capital raise, and even then, someone will have to out bid Ben and invest more than him. We see no conflict of interest in having our CFO as a lead investor and in fact this is a demonstration of his confidence in the future potential of the company. - Q: Which Q1/Q2 numbers for 2021 can you share with us? - A: Hello Andras, thank you for your question! Revenue YTD is $4.7mm representing a 34% gross margin against the cost of sales. - Q: For a final update, can you give Q3/Q4 numbers? - A: We have doubled our revenue over 2021 period. For more details please email ben@upstack.co - Q: How are you different than all of the competitors you mentioned above and why and how do you sit in the middle of 4 massive markets? - A: Hello Michael! Thank you for your question. Kevin Hardman's question already touches on this - while we agree that the industry attracts commercial attention, Upstack differentiates itself through a scalable culture and service value proposition that our competitors are not able to meet. Our purpose-built platform allows for our team to put a greater focus on our clients and our developers while they work together and build great products and in the backend, the operational aspects of hiring are automated. You can think of it in terms of a greater front-end capacity to scale and focus on high-touch client service and sales based on a platform that is designed to transform all the post-sales operational aspects of business into a low touch and automated model. - Q: Almost a month since the first comment here, and no responses yet. Not an encouraging sign. Please follow up soon; still interested in participating once it's all clarified. - A: Hello Kenneth, We sincerely apologize for the delay! - Q: Hi, are there any updates you can share? I must have missed one in October if it went out - A: Hey Duke - thanks for checking in. For more detailed updates please email me directly at ben@upstackhq.com or ben@upstack.co 2022 is tracking well for UpStack I am pleased to say. We've achieved significant growth in line with expectations, our gross margin has risen over the year while our a focus on our operational expenses has meant we are even more profitable than ever. As expectations of market conditions deteriorated over Q1 + Q2 we pivoted from a growth led strategy to one focussed on value and net profit. We believe this has positioned UpStack well for the headwinds that we see in 2023 where we will continue to grow even further. - Q: Hi, can you please share latest update? Thanks. - A: Hi Varun, we are planning a more comprehensive update mid-OCtober. Stay tuned and thanks everyone for your patience. - Q: Hi Yossi, I see that most of the data is from 2021, and congratulations on delivering great results for FY 2021. Would you have any updates for Q1 and Q2 2022 yet? Revenue growth, net profit, CAC? Thank you - A: Hello, thanks for your question, Q1 + Q2 for 2022 continue our trend to grow. We doubled revenue over this period and increased our bottom line through tightening expenses. For more information please email ben@upstack.co - Q: Hello, I have a few questions: 1. You state $6.9M in revenue in 2020. However, in your financial statements revenue for 2020 is $2.25M. Is the $6.9M figure gross revenue while $2.25M is net revenue after paying the developers? 2. You stated that you expected to grow your 1500+ developers network by 50% in 2021. How much did you manage to grow it? 3. $6.9M revenue / 1500 developers = $4600 per year in gross revenue per developer. This seems rather low. Are your developers primarily engaged elsewhere? 4. What were gross and net revenues in 2021 and what percentage of that was profit? Donā€™t need exact figures, rough figures will do. Thank you. - A: Hello, thanks for your questions. For 1. Yes that is correct. 2. Our network has grown by 50% while we also improved the quality of vetted candidates which made it more difficult for them to qualify 3. 1500 is the size of the developer network whether it is active or not, whereas gross revenue per developer would be a factor of active engagements - not all developers in our network are actively engaged. For more detail on this number, which as you suggest is much higher please email ben@upstack.co 4, Send us an email for this information. Happy to discuss it directly. - Q: What do you anticipate your end of year ARR to be? - A: Hey Adam. We expect our ARR to be at least $15M by the end of the year and potentially as high as $19M based on our targets. We are targeting 9%-10% MoM growth and so far we are on track for 2021.