Shareholders double their stakes in job marketplace, Airtasker, with $35 million series C raise ahead of UK launch
Airtasker has announced the close of its Series C raise of $35 million. Co-founder and CEO Tim Fung recently visited London to meet with his new UK team ahead of the launch.
In a round led by Skyfield Capital, the peer-to-peer jobs platform closed one of the biggest capital raises of the year to facilitate the UK launch. The Series C raise takes Airtasker’s total investment to over $75 million.
The recent raise saw existing major shareholders double their stakes in the business, coming in at $13 million more than the company’s $22 million Series B raise in 2016. As a result of this investment, Airtasker boasts over $215 million jobs created, 1.6m users in Australia and revenue of over $100 million.
Launching into the UK in early 2018, the funds will be used to support the launch of the mobile app and online platform into London, expand customer support, and hire more development staff.
Airtasker serves as an online infrastructure that connects consumers and people offering a variety of services, from cleaning tasks to picking up the groceries. The ‘odd job’ marketplace forms part of the growing gig economy that provides workers with a way to make an extra income, and allows users to outsource tasks that need doing.
Airtasker recognises competitors in the UK market who offer DIY and home skills through an app. However, what differentiates Airtasker is the breadth of opportunity with the variety of work available for taskers. Examples include; an Airtasker flying to Paris to pick up suit for a businessman, a rescue shelter outsourcing extra help with caring for the animals, a bride hiring a photographer to capture her wedding day.
Co-founder and CEO, Tim Fung said the UK expansion would see the company “become like a start-up again”.
“We’re going to jump off a cliff and see if we can fly again. It’s like a new start-up and we have to put our start-up hats back on and be agile, humble and push ourselves hard,” he said.
“We’re aiming to do what we did here in three years, in nine months in the UK. But marketplaces do take time to build up and become valuable assets.”
The UK will be the company’s first market outside of Australia and Mr Fung said it was selected because it’s a large market that’s culturally aligned with Australia.
The team didn’t set to raise as much as it did, but after significant interest and support from its investors, Mr Fung said it was “good to take on the extra fuel to fuel our mission”.