Airtasker’s Growth Ambitions Hinge on Shareholder Approval and Media Partnerships
Airtasker has raised $10 million in a strategic equity placement led by iHeartMedia, aiming to accelerate its growth in the US and UK markets through targeted marketing and expanded media partnerships.
- Raised $10 million via equity placement at $0.30 per share
- iHeartMedia leads placement and expands US strategic partnership
- Funds earmarked for marketing and media partnerships in US and UK
- Placement shares issued at a 10.4% discount to last traded price
- Shareholder approval pending for related party share issuance
Strategic Capital Raise to Fuel International Growth
Airtasker Limited (ASX – ART), Australia's leading online marketplace for local services, has announced a $10 million equity capital placement to accelerate its expansion efforts in the United States and United Kingdom. The placement was cornerstoned by iHeartMedia, the US's largest audio media company, which has also deepened its strategic partnership with Airtasker USA by committing an additional US$5 million in media and advertising resources.
This capital injection comes as Airtasker seeks to replicate its successful Australian business model in larger international markets. The funds will primarily support targeted marketing campaigns and provide balance sheet flexibility to invest alongside media partners or settle media partnership agreements in these key regions.
iHeartMedia’s Role and Market Confidence
iHeartMedia’s involvement is particularly notable given its extensive reach, boasting over 276 million monthly listeners. The company initially partnered with Airtasker USA in August 2024 with a US$5 million strategic investment, and this latest move signals strong confidence in Airtasker’s growth trajectory. David Ellis, Executive Vice President of Ventures at iHeartMedia, highlighted the opportunity to redefine consumer expectations in the US market through innovation and a robust go-to-market strategy.
Exto Partners, Airtasker’s largest shareholder, also participated in the placement, alongside a mix of existing and new institutional and sophisticated investors. The shares were issued at $0.30 each, representing a 10.4% discount to the last traded price, a common practice to incentivize investor participation in capital raises.
Governance and Next Steps
Of the total shares issued, 1.67 million shares allocated to Exto Partners require shareholder approval due to related party considerations. Airtasker plans to hold an extraordinary general meeting in early 2026 to seek this approval, with settlement contingent on the outcome. Meanwhile, the majority of the placement shares are expected to settle and be allotted by late November 2025.
CEO Tim Fung expressed enthusiasm about the raise, emphasizing the strong growth already achieved in the US and UK markets, which reached a combined gross merchandise value annualised run rate of over $28 million by June 2025. The fresh capital is poised to accelerate this momentum further.
Looking Ahead
Airtasker’s upcoming Investor Day on 26 November 2025 will offer further insights into its international strategy, featuring presentations from iHeartMedia and other key partners. As Airtasker leverages this new capital and media muscle, investors will be watching closely to see how effectively the company can translate its Australian success into sustained growth abroad.
Bottom Line?
Airtasker’s $10 million raise and iHeartMedia partnership set the stage for a pivotal growth phase in the US and UK markets.
Questions in the middle?
- How will Airtasker measure the effectiveness of its targeted marketing investments in the US and UK?
- What are the risks if shareholder approval for Exto Partners’ share issuance is delayed or denied?
- How will iHeartMedia’s expanded media resources tangibly impact Airtasker’s customer acquisition and retention?
