News Corp Australia has acquired a 25% stake in hipages, an online marketplace for tradespeople.
Launched in 2004, hipages sees 60,000 jobs posted per month, which adds up to $1.35 billion in jobs annually.
hipages had previously raised $6 million in May 2014 and $6 million in June 2015.
The company has seen 45% growth in the amount of jobs posted year-on-year, and monetises by charging tradies a subscription.
News Corp has been diversifying its revenue streams since the company was split into two – one publishing business, and one broadcast and entertainment business.
“The investment is part of a wider plan to further develop and grow the property and home services category in Australia,” said CEO Peter Tonagh. “hipages is a leader in this market and has consistently demonstrated innovation and strong management.
“We look forward to working with the hipages team to realise further benefits for both our businesses in the property and home services category.”
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