Airtasker has raised more than $26 million from media groups in the US and the UK, including iHeartMedia.
👉 Background: Airtasker is the online marketplace to outsource everyday tasks (like help me assemble IKEA furniture) as well as completely bizarre tasks (like give my cat compliments).
👉 What happened: Airtasker was founded back in 2012 and listed on the ASX in early 2021. And while it has grown to over 6 million members in Australia, it now has plans to expand aggressively in the US and UK.
👉 What else: Now, Airtasker has raised more than $26 million from media groups in the US and the UK, including iHeartMedia. But, here’s the plot twist: this isn’t a traditional cash injection — this was in the form of a media for equity deal... or “media capital”.
💡Media for equity is an investment model where a company gets media coverage — in exchange for issuing equity in the company.
💡Advertising is expensive for brands... and media companies often have leftover TV or radio spots that they need to fill. By swapping those ad slots for equity, brands are able to build awareness and media companies get a stake in the company’s success.
💡Airtasker aren’t the only company going down this route either. We saw bookie PointsBet sign a five-year partnership with US media company NBC-Universal and we've also saw Raiz investment platform sign a media for equity deal with Seven West Media.
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