AIRTASKER RAISES $22M IN LATEST ROUND
Written on the 7 June 2016
SYDNEY service distribution startup Airtasker has raised $22 million in a Series B round, with Seven West Media investing the lion's share.
The media conglomerate has secured a 15 per cent stake in the startup.
The trio of investors which buoyed Airtasker's Series A round in May 2015 - Exto Partners, National Road and Motorists Association (NRMA) and Shanghai-based Morning Crest Capital - have also made substantial follow on investments in the current round.
Airtasker CEO Tim Fung (pictured) says the funds will be used to further develop the company's market product, alongside boosting the technology team that drives its platform.
He believes Airtasker is still at the tip of a lucrative iceberg.
"Whilst we've seen rapid organic growth over the past year, we're only scratching the surface of a multi-bullion opportunity," says Fung.
"We still have a huge way to grow in Australia alone."
Since raising $6.5 million in May last year, Airtasker has doubled its user base and grown its transaction volume to more than $40 million per year.
Founder and CEO of Vocus Communications James Spenceley has joined the Airtasker board of directors alongside Seven West Media's Jenny Hosie.
Seven West CEO and managing director Tim Worner says his company is looking forward to supporting Airtasker through its next phase of growth.
"We continue to pursue opportunities to build our company through key strategic investments in new disruptive ventures which can scale rapidly with the benefit of the promotional power of our assets," says Worner.
To date Airtasker has raised a total of $32 million in capital.