SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Schedule 13G
 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1 (b), (c) AND (d)
AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2 (b)

 

(Amendment No. 3)*

 

Upwork Inc.

(Name of Issuer)

 

Common Stock

(Title of Class of Securities)

 

91688F104

(CUSIP Number)

 

December 31, 2020

(Date of Event Which Requires Filing of this Statement)

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

¨          Rule 13d-1(b)

 

¨          Rule 13d-1(c)

 

x         Rule 13d-1(d)

 

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

(Continued on following pages)

 

 

 

Page 1 of 18 Pages

Exhibit Index Contained on Page 17

 

 

 

   CUSIP NO. 91688F104

13 GPage 2 of 18   

 

 

1

NAME OF REPORTING PERSON                    Benchmark Capital Partners V, L.P. (“BCP V”)

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)   ¨   (b)   x

3

SEC USE ONLY

4

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

 

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH

 

 

5

SOLE VOTING POWER

-0-

6

SHARED VOTING POWER

-0-

7

SOLE DISPOSITIVE POWER

-0-

8

SHARED DISPOSITIVE POWER

-0-

 

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

-0-      

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

¨      

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

0.0% 

12

TYPE OF REPORTING PERSON

PN

  

 

   CUSIP NO. 91688F104

13 GPage 3 of 18   

 

 

1

NAME OF REPORTING PERSON                    Benchmark Founders’ Fund V, L.P. (“BFF V”)

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)   ¨   (b)   x

3

SEC USE ONLY

4

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

 

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH

 

 

5

SOLE VOTING POWER

-0-

6

SHARED VOTING POWER

-0-

7

SOLE DISPOSITIVE POWER

-0-

8

SHARED DISPOSITIVE POWER

-0-

 

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

-0-      

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

¨      

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

0.0% 

12

TYPE OF REPORTING PERSON

PN

 

 

   CUSIP NO. 91688F104

13 GPage 4 of 18   

 

 

1

NAME OF REPORTING PERSON                    Benchmark Founders’ Fund V-A, L.P. (“BFF V-A”)

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)   ¨   (b)   x

3

SEC USE ONLY

4

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

 

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH

 

 

5

SOLE VOTING POWER

-0-

6

SHARED VOTING POWER

-0-

7

SOLE DISPOSITIVE POWER

-0-

8

SHARED DISPOSITIVE POWER

-0-

 

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

-0-      

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

¨      

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

0.0% 

12

TYPE OF REPORTING PERSON

PN

 

 

   CUSIP NO. 91688F104

13 GPage 5 of 18   

 

 

1 NAME OF REPORTING PERSON                    Benchmark Founders’ Fund V-B, L.P. (“BFF V-B”)
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)   ¨   (b)   x

3 SEC USE ONLY
4

 CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH

 

 

5

SOLE VOTING POWER

-0-

6

SHARED VOTING POWER

-0-

7

SOLE DISPOSITIVE POWER

-0-

8

SHARED DISPOSITIVE POWER

-0-

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

-0-      

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

¨      

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

0.0% 

12

TYPE OF REPORTING PERSON

PN

 

 

   CUSIP NO. 91688F104

13 GPage 6 of 18   

 

 

1 NAME OF REPORTING PERSON                    Benchmark Capital Management Co. V, L.L.C.
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)   ¨   (b)   x

3 SEC USE ONLY
4

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH

 

 

5

SOLE VOTING POWER

-0-

6

SHARED VOTING POWER

-0-

7

SOLE DISPOSITIVE POWER

-0-

8

SHARED DISPOSITIVE POWER

-0-

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

-0-      

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

¨      

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

0.0% 

12

TYPE OF REPORTING PERSON

OO

 

 

   CUSIP NO. 91688F104

13 GPage 7 of 18   

 

 

1 NAME OF REPORTING PERSON                    Alexandre Balkanski
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)   ¨   (b)   x

3 SEC USE ONLY
4

CITIZENSHIP OR PLACE OF ORGANIZATION

U.S. Citizen

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH

 

 

5

SOLE VOTING POWER

0 shares

6

SHARED VOTING POWER

-0-

7

SOLE DISPOSITIVE POWER

-0-

8

SHARED DISPOSITIVE POWER

-0-

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

-0-      

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

¨      

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

0.0% 

12

TYPE OF REPORTING PERSON

IN

 

 

   CUSIP NO. 91688F104

13 GPage 8 of 18   

 

 

1 NAME OF REPORTING PERSON      Bruce W. Dunlevie
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)    ¨    (b)   x      

3 SEC USE ONLY
4

CITIZENSHIP OR PLACE OF ORGANIZATION

U.S. Citizen

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH

 

 

5

SOLE VOTING POWER

-0-

6

SHARED VOTING POWER

-0-

7

SOLE DISPOSITIVE POWER

-0-

8

SHARED DISPOSITIVE POWER

-0-

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

-0-        

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES 

¨        

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

0.0%                

12

TYPE OF REPORTING PERSON

IN                    

 

 

   CUSIP NO. 91688F104

13 GPage 9 of 18   

 

 

1 NAME OF REPORTING PERSON      Peter Fenton
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)   ¨   (b)   x      

3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen

 

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH

 

 

5

SOLE VOTING POWER

-0-

6

SHARED VOTING POWER

-0-

7

SOLE DISPOSITIVE POWER

-0-

8

SHARED DISPOSITIVE POWER

-0-

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

-0-        

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

¨        

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

0.0%                

12

TYPE OF REPORTING PERSON

IN                    

 

 

   CUSIP NO. 91688F104

13 GPage 10 of 18   

 

 

1 NAME OF REPORTING PERSON      J. William Gurley
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)   ¨    (b)   x      

3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen

 

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH

 

 

5

SOLE VOTING POWER

470,771

6

SHARED VOTING POWER

-0-

7

SOLE DISPOSITIVE POWER

470,771

8

SHARED DISPOSITIVE POWER

-0-

 

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

470,771         

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES 

¨       

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

0.4%                

12

TYPE OF REPORTING PERSON

IN                    

 

 

   CUSIP NO. 91688F104

13 GPage 11 of 18   

 

 

1 NAME OF REPORTING PERSON      Kevin R. Harvey  
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)   ¨    (b)    x      

3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH

 

 

5

SOLE VOTING POWER

2,499,479

6

SHARED VOTING POWER

-0-

7

SOLE DISPOSITIVE POWER

2,499,479

8

SHARED DISPOSITIVE POWER

-0-

 

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

2,499,479        

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

¨       

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

2.0%                

12

TYPE OF REPORTING PERSON

IN                    

 

 

   CUSIP NO. 91688F104

13 GPage 12 of 18   

 

 

1 NAME OF REPORTING PERSON      Robert C. Kagle
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)   ¨    (b)   x      

3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH

 

 

5

SOLE VOTING POWER

250,000

6

SHARED VOTING POWER

-0-

7

SOLE DISPOSITIVE POWER

250,000

8

SHARED DISPOSITIVE POWER

-0-

 

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

250,000        

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

¨       

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

0.2%                

12

TYPE OF REPORTING PERSON

IN                    

 

 

   CUSIP NO. 91688F104

13 GPage 13 of 18   

 

 

1 NAME OF REPORTING PERSON      Mitchell H. Lasky
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)   ¨    (b)    x      

3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen

 

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH

 

 

5

SOLE VOTING POWER

-0-

6

SHARED VOTING POWER

-0-

7

SOLE DISPOSITIVE POWER

-0-

8

SHARED DISPOSITIVE POWER

-0-

 

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

-0-        

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

¨       

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

0.0%                

12

TYPE OF REPORTING PERSON

IN                    

 

 

   CUSIP NO. 91688F104

13 GPage 14 of 18   

 

 

1 NAME OF REPORTING PERSON      Steven M. Spurlock
2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

(a)   ¨    (b)   x      

3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen

 

 

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH REPORTING
PERSON
WITH

 

 

5

SOLE VOTING POWER

90,065

6

SHARED VOTING POWER

-0-

7

SOLE DISPOSITIVE POWER

90,065

8

SHARED DISPOSITIVE POWER

-0-

 

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

90,065        

10

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

¨       

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

0.1%                

12

TYPE OF REPORTING PERSON

IN                    

 

 

   CUSIP NO. 91688F104

13 GPage 15 of 18   

 

 

This Amendment No. 3 amends the Statement on Schedule 13G previously filed by Benchmark Capital Partners V, L.P., a Delaware limited partnership (“BCP V”), Benchmark Founders’ Fund V, L.P., a Delaware limited partnership (“BFF V”), Benchmark Founders’ Fund V-A, L.P., a Delaware limited partnership (“BFF V-A”), Benchmark Founders’ Fund V-B, L.P., a Delaware limited partnership (“BFF V-B”), Benchmark Capital Management Co. V, L.L.C., a Delaware limited liability company (“BCMC V”), and Alexandre Balkanski (“Balkanski”), Bruce W. Dunlevie (“Dunlevie”), Peter Fenton (“Fenton”), J. William Gurley (“Gurley”), Kevin R. Harvey (“Harvey”), Robert C. Kagle (“Kagle”), Mitchell H. Lasky (“Lasky”) and Steven M. Spurlock (“Spurlock”). The foregoing entities and individuals are collectively referred to as the “Reporting Persons.” Only those items as to which there has been a change are included this Amendment No. 3.

 

ITEM 4.

OWNERSHIP

 

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

 

The following information with respect to the ownership of the Common Stock of the issuer by the persons filing this Statement is provided as of December 31, 2020 (based on 122,073,553 shares of Common Stock of the issuer outstanding as of October 31, 2020 as reported by the issuer on Form 10-Q for the period ended September 30, 2020 and filed with the Securities and Exchange Commission on November 4, 2020).

 

(a)Amount beneficially owned:
  
See Row 9 of cover page for each Reporting Person.
  
(b)Percent of Class:
  
See Row 11 of cover page for each Reporting Person.
  
(c)Number of shares as to which such person has:

 

  
(i)Sole power to vote or to direct the vote:
   
See Row 5 of cover page for each Reporting Person.
  
(ii)Shared power to vote or to direct the vote:
  
See Row 6 of cover page for each Reporting Person.
  
(iii)Sole power to dispose or to direct the disposition of:
  
See Row 7 of cover page for each Reporting Person.

 

(iv)

Shared power to dispose or to direct the disposition of:

 

See Row 8 of cover page for each Reporting Person.

 

ITEM 5.OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

 

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following:          x Yes

 

 

   CUSIP NO. 91688F104

13 GPage 16 of 18   

 

 

SIGNATURES

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Date: February 16, 2021  
   
  BENCHMARK CAPITAL PARTNERS V, L.P., a
  Delaware Limited Partnership
   
  BENCHMARK FOUNDERS’ FUND V, L.P., a Delaware
  Limited Partnership
   
  BENCHMARK FOUNDERS’ FUND V-A, L.P., a
  Delaware Limited Partnership
   
  BENCHMARK FOUNDERS’ FUND V-B, L.P., a
  Delaware Limited Partnership
   
  BENCHMARK CAPITAL MANAGEMENT CO. V,
  L.L.C., a Delaware Limited Liability Company
   
  By:   /s/ Steven M. Spurlock
    Steven M. Spurlock
    Managing Member
   
  ALEXANDRE BALKANSKI
  BRUCE W. DUNLEVIE
  PETER FENTON
  J. WILLIAM GURLEY
  KEVIN R. HARVEY
  ROBERT C. KAGLE
  MITCHELL H. LASKY
  STEVEN M. SPURLOCK
   
  By: /s/ Steven M. Spurlock
    Steven M. Spurlock
    Attorney-in-Fact*

 

*Signed pursuant to a Power of Attorney already on file with the appropriate agencies.

 

 

   CUSIP NO. 91688F104

13 GPage 17 of 18   

 

 

EXHIBIT INDEX

 

Exhibit Found on
Sequentially
Numbered Page
   
Exhibit A:  Agreement of Joint Filing 18

 

 

   CUSIP NO. 91688F104

13 GPage 18 of 18   

 

 

exhibit A

 

Agreement of Joint Filing

 

The Reporting Persons agree that a single Schedule 13G (or any amendment thereto) relating to the Common Stock of Upwork Inc. shall be filed on behalf of each Reporting Person. Note that copies of the applicable Agreement of Joint Filings are already on file with the appropriate agencies