Airtasker secures $26.2m in US and UK media partnerships to help lift global profile
Online local services marketplace Airtasker (ASX: ART) has secured $18.4 million in premium advertising inventory through partnerships with Sinclair Broadcast Group and Mercurius Media Capital.
The deal was executed through subsidiary Airtasker USA Inc and will help promote the Airtasker brand to a global audience.
The investments will be conducted over three and two years respectively, each in exchange for a four-year $9.2m 5% coupon unsecured convertible note that Airtasker USA will have the option to repay in cash or convert at maturity into equity at a 20% discount to an agreed valuation.
UK investment
Airtasker UK has received an additional media capital investment of $7.8m from Channel Four Television Corporation in the form of a three-year 5% note that can be repaid or converted into Airtasker equity at a 10% discount to the offer price.
The arrangement gives Airtasker access to an audience of 47 million people each month across the network’s broadcast and digital platforms.
It follows Channel Four’s initial investment of $6.7m in June 2023.
Global media capital
The combined US and UK announcements mean Airtasker globally now holds $26.2m in media capital in addition to the $25.4m raised since June, for a total of $51.6m raised for the full calendar year.
The new partnerships demonstrate a consistent approach to a global growth strategy, enabling the company to leverage its scalable software platform and utilise cash generated by its Australian operations to expand into new markets.
Airtasker chief executive officer Tim Fung said the deals would help lift the brand’s profile in the global market.
“We believe the investment structure, under which we repurchase our media partner equity based on a multiple of revenue generated in each local entity, enables massive upside while mitigating downside risk [and] represents a highly compelling investment proposition for media partners,” he said.
Existing alliances
The new partnerships add to Airtasker’s existing alliances with market-leading brands including oOh!media (ASX: OML), ARN Media (ASX: A1N), TelevisaUnivision and iHeartMedia.
Earlier this year, the company secured $5 million in media capital from ARN and a $6 million partnership for outdoor advertising with oOh!media to help boost its national brand awareness.
“These new partnerships, in addition to our alliances with [other] market leading brands, will let us take Airtasker’s mission – to empower people to realise the full value of their skills – across the world,” Mr Fung added.