Broadcaster ARN Media has invested $5 million in Australian outsourcing marketplace Airtasker.
The cash, to accelerate Airtasker’s media partnership strategy, comes on top of an agreement with outdoor media specialist oOh!media.
The latest partnership expands Airtasker’s media capital reserves over two years to $11 million from both partners.
The ARN deal gives Airtasker $5 million in audio media inventory in exchange for a two-year $5 million convertible note.
At maturity, Airtasker has the option to convert into ordinary shares at a 10% discount to Airtasker’s 30-trading day volume-weighted average share price or take cash.
In the March quarter, Airtasker reported positive free cash flow of $2.5 million and $19.7 million in cash with zero debt.
“We are thrilled to be welcoming Airtasker to the ARN network in this way," said ARN national agency sales director Angus Leech.
"This audio partnership is representative of the types of long term, multi-dimensional relationships that we aspire to with clients.
"Mutually beneficial by nature, the partnership will deliver the brand results that Airtasker seeks, while also allowing ARN to get closer to the community of listeners that we create content for each day.”
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