Airtasker’s Journey to Global Expansion Through Media Capital Investments
Airtasker is an online and mobile marketplace that connects people and businesses with local community members.
Airtasker is an online and mobile marketplace that connects people and businesses with local community members.
Airtasker, Australia, Marketplace, Services, Channel 4 Ventures
Airtasker, a leading marketplace for local services, has revolutionized the way people connect with skilled individuals for various tasks. Founded in Australia in 2012 by Tim Fung, the company expanded to the UK in 2018 and the US in recent years. A key driver of its growth has been Airtasker’s innovative use of media capital partnerships to scale its brand in new markets, fostering rapid brand recognition and engagement.
Investing in brand building early on with Channel 7
In 2016, Airtasker secured a media-for-equity deal with Channel 7, one of Australia’s leading commercial TV networks. This innovative partnership provided Airtasker with advertising space alongside cash in exchange for equity. Initially skeptical about the effectiveness of television advertising, Airtasker leaned into the opportunity and launched its first major campaign, “Like A Boss,” showcasing humor and relatability.
The results of this partnership were remarkable:
• Brand awareness soared from 6% to 60%.
• Revenue grew 25x, from AUD 1 million to AUD 25 million.
• Channel 7 achieved a 5x return on their investment when Airtasker went public.
UK and US Expansion activating local media partnerships
When Airtasker expanded into the UK in 2018, it adopted a unique approach by structuring its operations to maximize the effectiveness of media capital. Instead of Channel 4 investing in Airtasker’s global entity, the company spun off its UK operations into a separate business. Airtasker sold a stake in its British subsidiary to Channel 4 for $6.5 million in advertising, aiming to amplify its marketing impact amidst market shifts. Channel 4 Ventures acquired 20% of Airtasker UK.
Key elements of this structure included:
• Local media partners receiving a significant equity stake in the UK entity.
• A clearly defined exit strategy where Airtasker committed to repurchasing the stake based on the local company’s revenue, using Airtasker’s listed valuation multiple.
In its most recent expansion to the US in 2024, Airtasker raised over $50 million in media capital from Sinclair Broadcasting Group, TelevisaUnivision and iheartmedia underscoring its commitment to leveraging a diverse set of media to build brand awareness.
Tim Fung, CEO and Co-Founder at Airtasker shares:
When you build your brand, you own your brand. Google ads or SEO can’t take you to the same heights. Media capital was the largest ingredient in growing our brand awareness from 6% to 60%, which was essential for scaling and profitability.
