Airtasker CEO's new gig is hunting for profit in Hollywood
While Airtasker CEO Tim Fung awaits a more bullish market, he's building the company's foundation at home — and expanding into Los Angeles and London.
When Airtasker went public in 2021, it had a market cap of $250 million and made founder Tim Fung nearly $20 million richer. But the company enjoyed less than a year of the low interest rate era before central banks started hiking and investors became more cautious about loss making tech companies.
Now valued at $86 million, the Australian tech company is looking to build a strong foundation at home and abroad. Searching for more growth, Airtasker dropped $9.8 million to buy OneFlare, a company that connects customers to businesses, rather than to gig workers like its main business.
Fung is also looking to expand overseas into Singapore, the UK and the US. It recently struck a deal to exchange 20% of its British business for £3.5 million ($6.8 million) in free advertising on Channel 4, similar to its 2016 agreement with Seven West.
The following is our interview with Fung, lightly edited for brevity and clarity.
