Airtasker has expanded its US partnership with iHeartMedia, securing an additional US$5 million in media resources and a A$10 million equity investment to accelerate its growth in the American market.
- Additional US$5 million media and advertising support from iHeartMedia
- A$10 million equity capital placement by iHeartMedia
- Partnership includes a 3-year convertible note with 5% coupon
- Airtasker US gross marketplace volume reached A$7.5 million annualised run rate
- Access to iHeartMedia’s extensive broadcast, streaming, and podcast platforms
Airtasker Strengthens US Expansion Strategy
Airtasker Limited (ASX – ART) has announced a significant expansion of its strategic partnership with US audio media giant iHeartMedia, Inc. This move injects an additional US$5 million (A$7.6 million) in media and advertising resources into Airtasker USA, aiming to accelerate the company’s footprint in the highly competitive American market. The announcement builds on the initial partnership launched in August 2024, which already helped Airtasker reach a gross marketplace volume (GMV) annualised run rate of A$7.5 million by June 2025.
The partnership is not just about media spend; iHeartMedia has also made a cornerstone equity investment of A$10 million into Airtasker, signaling strong confidence in the platform’s growth potential. The deal includes a 3-year issuer-convertible note with a 5% coupon, providing Airtasker with flexible financing options that could convert into equity under certain conditions.
Leveraging America’s Largest Audio Network
iHeartMedia’s vast reach is a key asset for Airtasker’s US ambitions. The media company operates 860 broadcast and streaming stations across 160 US cities, reaching nine out of ten Americans monthly. It also boasts the world’s number one podcast network with over 378 million monthly downloads and hosts major cultural events like the iHeartRadio Music Awards and Festival. This partnership gives Airtasker unprecedented access to a diverse and engaged audience, potentially transforming consumer awareness and adoption of its online marketplace platform.
David Ellis, Executive Vice President of Ventures at iHeartMedia, highlighted Airtasker’s disruptive potential in reshaping consumer behaviour through a better marketplace model. Airtasker CEO Tim Fung expressed enthusiasm about scaling the brand in the US, emphasizing the strategic partnership’s role in providing the resources necessary to compete in the world’s largest market.
Part of a Broader Global Media Strategy
This expanded partnership with iHeartMedia fits into Airtasker’s broader global media strategy, which includes collaborations with TelevisaUnivision, Sinclair Broadcast Group, and Mercurius Media Capital in the US, Channel 4 in the UK, and oOh!media and ARN in Australia. These alliances collectively aim to build Airtasker’s brand recognition and user base across multiple key markets.
Investors are invited to Airtasker’s upcoming Investor Day on 26 November 2025, where further insights into the partnership and growth plans will be shared, including presentations from iHeartMedia and other strategic partners.
Convertible Note Terms and Strategic Implications
The convertible note issued to iHeartMedia offers Airtasker USA the option to repay in cash or convert into equity at a 20% discount to an agreed valuation or qualifying equity financing price. This structure provides Airtasker with capital flexibility while aligning iHeartMedia’s interests with Airtasker’s long-term success. However, the potential dilution and control implications will be closely watched by investors as the US expansion unfolds.
Overall, this expanded partnership marks a pivotal step in Airtasker’s US growth journey, leveraging one of America’s most powerful media platforms to build brand presence and accelerate marketplace volume.
Bottom Line?
Airtasker’s deepening ties with iHeartMedia could redefine its US trajectory, but execution and market response will be critical to watch.
Questions in the middle?
- How will Airtasker measure the effectiveness of the increased media spend in driving sustainable US growth?
- What valuation metrics will govern the potential equity conversion of the convertible note?
- Could this partnership pave the way for further strategic alliances or capital raises in the US market?