Australian startup Airtasker has raised up to $6.5 million in a round led by by Shanghai-based Morning Crest Capital and the NRMA.
Also participating in the capital raise were Australian VC funds Exto Partners, Carthona Capital and Black Sheep Capital. This is the second time Exto Partners has invested in Airtasker. The firm led Airtasker’s $2 million raise in 2013.
The latest round of funds will be invested in product development and engineering. The local services marketplace company has also flagged it is working on a number of “large scale” projects but didn’t say what they were.
Using the partnership with Morning Crest Capital, Airtasker co-founder Tim Fung said it is looking at potentially launching its platform in global markets.
“Morning Crest Capital’s expertise and advice will allow us to investigate a broader Asia strategy with Airtasker’s growth,” Fung said.
“This deal also opens the door for further Chinese VC investment into Australian start-ups, which presents huge opportunity for the sector.”
This is Morning Crest’s first deal in an Australian startup.
“Labour market o2o (online to offline) platforms are achieving great success in China and believe Airtasker will be able to do the same in Australia,” Fred Bai, CEO of Morning Crest Capital said.
“We would also like to support Airtasker’s expansion into the Greater China Region when the time is right.”
Since launching in 2012, founders Fung and Jonathan Lui have grown the platform to 250,000 users across Australia and have processed more than $15 million worth of tasks a year.