UK TV station Channel 4 takes 20% stake in Airtasker's British arm for $6.5 million
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ASX-listed jobs market is seeking to ramp up its UK enterprise in a take care of main TV station Channel 4.
The broadcaster’s VC arm, 4 Ventures, Britain’s main media-for-equity investor, is tipping in $6.5m million (£3.5m) in worth for a 20% stake in Airtasker UK, the corporate’s UK subsidiary.
Channel 4, which gave the world the at residence TV present response collection Gogglebox, Black Mirror, Derry Ladies and Kevin McCloud’s Grand Designs, reaches round 78% of the UK inhabitants, 47 million folks, a month.
It additionally developed the comedy sport present Taskmaster, seen regionally on SBS.
Airtasker Founder and CEO Tim Fung stated the deal will speed up Airtasker’s UK market progress by means of entry to the UK’s largest free streaming service, with over 1.2 billion views per yr.
“We’re tremendous excited to welcome 4 Ventures as a strategic accomplice in Airtasker UK,” Fung stated.
“In Australia, we have been capable of leverage the facility of tv to make Airtasker a family model and obtain 20x income progress over 5 years along with Seven West Media – and we imagine we are able to do even higher with Channel 4 within the UK!”
Seven took a 15% stake in Airtasker when it was simply 4 years previous in 2016, earlier than promoting out when the corporate listed on the ASX in 2021.
4 Ventures boss Vinay Solanki stated they have been eager to assist the launch of the Airtasker market within the UK.
“A key power of Airtasker is that it permits folks to earn extra revenue by means of versatile engaged on their very own phrases which is able to little question be a profit to audiences throughout the present financial local weather,” he stated.
“We hope that Airtasker’s model will rapidly realise the numerous attain and consciousness that’s solely attainable by means of the highly effective medium of TV promoting.”
Final week Airtasker introduced a altering of the boardroom guard, with Cass O’Connor taking over the chair function as key investor James Spenceley stepped down after eight years helming the enterprise.
Spenceley, a seed investor in Airtasker, is specializing in his humanitarian efforts in war-torn Ukraine, having based humanitarian organisation Aus Ukraine Help.
In April, the corporate (ASX:ART) introduced it was slicing its workforce by 20% with the lack of 45 jobs, to place its again within the black.
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