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Online services marketplace Airtasker (ASX: ART) has almost doubled the media capital raised in 2024 to $51.6 million following three separate deals totalling $26.2 million announced today in the US and UK.
Airtasker’s US division has secured to total of US$12 million ($18.4 million) in media capital through partnerships with Sinclair Broadcast Group and Mercurius Media Capital LP, in addition to a £4 million ($7.8 million) follow-on investment from Channel Four Television Corporation in the UK.
The Channel Four deal comes on the heels of a $6.5 million (£3.5 million) media-for-equity deal last year that gave the UK network a 20 per cent stake in Airtasker's UK business, providing the Sydney-headquartered group access to the audience of Britain's largest free streaming service.
Airtasker, co-founded and led by Tim Fung since 2012, says the latest agreements come on top of the $25.4 million in media capital raised since June 2024, building on the group’s strategy of leveraging media exposure to grow its business.
Among them were the combined $14.4 million media-for-equity partnerships with America’s biggest audio company iHeartMedia (NASDAQ: IHRT) and the world’s leading Spanish-language content and media company TelevisaUnivision secured in September.
The agreement with Sinclair Media will provide Airtasker with US$6 million ($9.2 million) in advertising inventory potentially covering the group’s network of 185 television stations in 86 US markets and digital multicast networks including Comet, Charge! and The Nest.
"At Sinclair, we are always looking for innovative ways to accelerate growth and provide value to dynamic companies that are shaping the future,” says Andrew Schnell, vice president of corporate strategy and development at Sinclair.
“This deal is just one example of how we are expanding our strategy to include creative partnerships that drive mutual success. We look forward to working with Airtasker to help expand their footprint and mission of creating a community marketplace for tasks across the US.”
The Mercurius Media deal, also totalling US$6 million, comprises “premium advertising inventory” across the group’s media platforms including TelevisaUnivision, Sinclair and Willow TV.
“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,” says Piyush Puri, founding partner of Mercuriu.
“The US represents an exciting new chapter, and under Tim Fung’s leadership, Airtasker is set to redefine the local services economy.”
The increased investment from Channel Four brings the media group’s total outlay to £7.5 million ($14.5 million), including last year’s initial agreement.
“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,” says Vinay Solanki, head of 4 Ventures.
“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.”
Airtasker says the new media partnerships highlight the group’s approach to global growth, enabling Airtasker to leverage the scalability of its software platform and utilise cash generated by its Australian operations to expand into new markets.
“We’re seeing rapid growth in the UK where revenue is up over 100 per cent year-on-year in 1Q25 since we launched our first media partnership with Channel 4,” says Fung.
“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 and take Airtasker’s mission - to empower people to realise the full value of their skills - across the world.”
Airtasker maintained positive free cash flow in FY24, delivering $1.2 million for the period. The company also finished FY24 with $17.8 million in cash and term deposits, plus $8.3 million of unused advertising inventory on its balance sheet.
“The structure of our media-for-equity and media-for-convertible-note deals we have put in place since June 2024 make them extremely cost efficient for Airtasker on a multi-year basis,” Fung told shareholders at the company’s annual general meeting today.
“At the same time, our media partners benefit from securing reliable, forward inventory sales and having Airtasker as a new advertiser with them. Our ATL marketing activities have shown promising early trends in business activity.”
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