Airtasker (ASX:ART) to raise 20.7 million for global expansion campaign

Company News

by Michael Luu

Task-outsourcing platform Airtasker (ASX:ART) has entered into a trading halt ahead of a capital raising to finance its international expansion campaign.

The $424.5 million company is asking investors to provide $20.7 million to fuel its global ambitions. Airtasker is offering shares for $1 per security, which represents an 8-cent or 7.4 per cent discount to its last trading price

The newly-listed gig marketplace start-up intends to take advantage of momentum from its successful IPO, as Airtasker’s share price rose 66.2 per cent from its issue price of 65 cents per share.

The first acquisition on Airtasker’s crosshairs to kick off the expansion operation is US handiwork broker Zaarly. Airtasker has estimated the purchase price of Zaarly at $3.4 million.

Airtasker sees the acquisition as a means to turbo-charge its footprint in the US market, through Zarly’s network of 597,000 subscribers and 900 verified industry professionals.

Zarly has so far penetrated the US markets of Kansas and Dallas, with a vision to tap into four to five more metropolitan areas in the country.

Airtasker is also attracted to Zarly’s re-booking feature, whose integration into Airtasker’s global platform has the potential to boost the bidder’s customer retention rate.

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