Airtasker reaches media capital milestone of $51m with new deals in US and UK

Airtasker raises $51.6 million of media capital in 2024 for AU, US and UK operations
Airtasker USA raises US$12m in media capital with Sinclair Broadcast Group and Mercurius Capital
Channel 4 makes a follow-on £4m media capital investment in Airtasker UK

Special Report: Local services markerplace Airtasker has raised a total of $51.6 million of media capital in 2024 for its AU, US and UK operating companies, with the two new deals to grow the brand in the US and UK target markets.

Airtasker (ASX:ART) has announced its US operating company Airtasker USA Inc. has raised US$12 million (~A$18.4m) in media capital with Sinclair Broadcast Group and Mercurius Media Capital LP.

Airtasker’s UK operating company, Airtasker UK Ltd has also secured a follow-on investment of £4m (~$7.8m) in media capital from Channel 4 Television Corporation.

Airtasker globally has now raised $51.6m in media capital in 2024.

In September Airtasker USA raised a combined US$9.75m (~A$14.4m) in media capital from the country’s number one audio company, iHeartMedia, and TelevisaUnivision – a leading Spanish-language content and media company.

New opportunities to promote Airtasker in US

Airtasker USA’s partnership with Sinclair Broadcast Group, a division of Nasdaq-listed Sinclair Inc, provides US$6m ($9.2m) in advertising.

The deal unlocks new opportunities to promote the Airtasker brand within Sinclair’s 185 owned and/or operated television stations in 86 US markets and digital multicast networks including Comet, Charge! and The Nest.

Sinclair VP corporate strategy and development, Andrew Schnell, said the company was thrilled to announce its partnership with Airtasker through the media-for-equity collaboration.

“This deal is just one example of how we are expanding our strategy to include creative partnerships that drive mutual success,” he said.

“We look forward to working with Airtasker to help expand their footprint and mission of creating a community marketplace for tasks across the US.”

A strategic multi-year partnership with Mercurius provides Airtasker USA with US$6m in premium advertising inventory.

The collaboration enables Airtasker USA to leverage premium advertising inventory across broadcast, streaming and digital networks through Mercurius partners including:

TelevisaUnivision – the world’s leading Spanish-language media company with 38 cable networks and 35 radio stations plus digital properties reaching 100+ million daily users
Sinclair – a diversified media company and a leading provider of local news and sports that owns, operates and/or provides services to 185 television stations in 86 US markets
Willow TV – a leading sports media company specialising in cricket broadcasting and
offering 24/7 high-definition coverage of international cricket, including live
broadcasts, highlights and expert analysis

“We’ve been inspired by how Airtasker has transformed the way people connect with local service providers, building a platform that is not only scalable but deeply impactful for users and communities,” Mercurius founding partner Piyush Puri said.

“The US represents an exciting new chapter, and under (founder and CEO) Tim Fung’s leadership, Airtasker is set to redefine the local services economy.

“We’re thrilled to support this expansion by leveraging our media capital model to help amplify their growth and bring this innovative approach to even more people.

“This partnership is a perfect alignment of shared values and ambition, and I can’t wait to
see what we can achieve together.”

Building on rapid expansion of Airtasker across the UK

Channel 4 has completed a follow-on £4m (~$7.8m) media capital investment to further accelerate growth and build on the rapid expansion of Airtasker in the UK.

Channel 4 initially made a media capital investment of £3.5m ($6.7m) in June 2023, for a total investment to date of £7.5m ($14.5m).

Airtasker said the latest investment would enable the company to expand its presence on Channel 4’s broadcast and digital platforms which reach 47 million people – 78% of the UK’s population – each month.

“It’s been great to see Airtasker’s marketplace spread rapidly across the UK from London to Birmingham and more recently Manchester, using the power of our Channel 4 platform,” Head of 4 Ventures Vinay Solanki said.

“Channel 4 growing its stake in Airtasker UK is a testament to the success of the media-for-equity model.

“As we enter the festive period, Brits are spending more time at home in front of the TV.

“This creates an opportunity to engage with the right audiences at the right time, making this additional investment timely and significant for both businesses.”

Media partnership to turbocharge growth in new markets

Airtasker said it was leveraging its scalable software platform and using cash generated by its Australian operations to expand into new markets, turbocharged by local media partnerships.

The company said the investment structure in which Airtasker repurchases all media partner equity in Airtasker UK and Airtasker USA, based on a multiple of revenue generated in each local entity, enables massive upside whilst mitigating downside risk.

Airtasker said at the same time it represented a highly compelling investment proposition for media partners.

“Today I am super pumped to say that we’ve now completed over $51 million in media partnerships in 2024 alongside leading partners including Sinclair Broadcast Group and Mercurius Media Capital in the US as well as a follow-on investment from Channel 4 in the UK,” Fung said.

He said the company was seeing rapid growth in the UK where revenue was up over 100% year-on-year in Q1 FY25 since launching its first media partnership with Channel 4.

“These new partnerships – in addition to our alliances with market leading brands such as oOh!media, ARN Media, TelevisaUnivision and iHeartMedia – will let us really step on the gas pedal,” he said.

This article was developed in collaboration with Airtasker, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.