Airtasker expands UK reach with Channel 4, secures $3.2Mn media deal

SYDNEY, AUSTRALIA, and BRUSSELS, BELGIUM — Services marketplace Airtasker has expanded its media-for-equity partnership with Channel 4’s venture arm, 4 Ventures, through a new £2.5 million (US$3.2 million) investment. 

According to Airtasker’s press release, this third round of funding is designed to further accelerate the growth of Airtasker’s United Kingdom marketplace by providing substantial media inventory for brand building and customer acquisition.

Airtasker, Channel 4 fuel gig economy growth

Airtasker is a provider in the Australian local services market, matching individuals with companies to accomplish tasks and workers with opportunities to earn money by utilizing its flexible platform. 

Since 2012, the site has facilitated over 5 million tasks worldwide, and Australian Taskers have earned more than 720 million, net of fees, representing a significant contribution to the developing gig economy. This growth plan is currently being enhanced in the UK by its ongoing partnership with 4 Ventures, the venture division of Channel 4. 

4 Ventures is a media-for-equity company that focuses on making investments in promising early-stage companies that offer high-quality TV advertising slots to raise brand awareness throughout the UK market. 

Since its launch in 2015, the company has made over 40 investments in consumer- and small and medium enterprise (SME)-based brands, including high-profile companies such as Pinterest and Carwow, and leveraged its media platform to grow alongside institutional investors.

Media-for-equity partnerships fuel global expansion

The recent agreement between Airtasker and 4 Ventures highlights the key to its long-term strategy, which involves effectively utilizing media alliances to develop brand recognition and expand the user base into new geographic locations. 

This is not the only approach that is limited to the UK. In 2024, the firm generated more than $51 million in media transactions, which fueled its operations. 

Partnerships with oOh!media and ARN have driven profitable expansion in Australia, and this momentum is powering its involvement in the United States through deals with TelevisaUnivision, iHeartMedia, Sinclair, and Mercurius. 

“Our partnership with Airtasker continues to grow from strength-to-strength,” said Vinay Solanki, the Head of 4 Ventures.

“The combination of our mass market reach and Airtasker’s outstanding product in this category is driving exceptionally strong and consistent growth for their UK business, now an established new geographic market.”

Solanki highlighted the exclusive capability of TV advertising at Channel 4 to enable fast-growing businesses, such as Airtasker, to scale and open new opportunities by reaching a mass market. 

“The media partnership strategy has been an incredible catalyst for building Airtasker’s brand in the UK, helping us connect with millions of people who are looking to get things done and monetise their skills,” noted Tim Fung, Airtasker Founder and CEO.

Structured financing provides future flexibility and obligation

The partnership depicts an elaborate setup that gives Airtasker some flexibility, forming an obligation in the future. 

The £2.5 million (US$3.2 million) investment will take the form of a convertible note, which will allow Airtasker UK to repay the principal, along with a 5% coupon, at the end of the maturity period in October 2027, or convert the investment to equity at a 10% discount at a predetermined valuation. This is based on a similar format as a follow-on investment of £4.0 million (US$5.2 million) in November 2024. 

Furthermore, the partnership includes a significant long-term clause. In June 2028, Airtasker held both the right and the obligation to repurchase all equity held by Channel 4 in Airtasker UK. 

The valuation for this repurchase will be determined based on Airtasker UK’s revenue multiplied by Airtasker’s revenue multiple, and Airtasker can settle the transaction in either cash or its own equity. This setup provides a clear path for Airtasker to eventually regain full control of its UK subsidiary, contingent on its future financial performance.

“This renewed investment is a testament to the growth we’ve seen so far and the huge opportunity we have ahead to make Airtasker a household name in the UK,” Fung concludes.