Airtasker is an Australia-based task marketplace company. Pulse 2.0 interviewed Airtasker founder and CEO Tim Fung to learn more about the company.
Tim Fung’s Background
What is Tim Fung’s background? Fung said:
“I was born and grew up in St Ives Chase – a very quiet little suburb in Sydney, Australia. After I went to state schools all the way and studied at the University of New South Wales business majoring in marketing, tourism and hospitality management. During university, I scored an internship at Macquarie Bank and stayed on for about 5 years. During the GFC, I left Macquarie and joined a talent representation agency called Chic Management where I had the opportunity to work with Ursula Hufnagl – one of Australia’s preeminent model scouts.”
“Whilst at Chic, I met the other co-founder of the agency – Peter O’Connell – who gave me the opportunity to work on a telco startup called Amaysim which gave me an incredible opportunity to work with a world class founding team and report to the CEO and Chairman of a super fast growing startup. In retrospect, this was an amazing ‘MBA in how to start a startup.’”
“After helping Amaysim launch and scale, we had the idea to start up Airtasker.”
“When we first started Airtasker, one of our investors – Bridgelane Capital – let us temporarily put some desks into an empty floor and set up Airtasker’s first office in a commercial building that he owned in Sydney’s CBD. As other tech startups saw our space, we let them pull up a desk in our space too – and this became Tank Stream Labs – one of the leading co-working spaces with locations all across Australia.”
Formation Of Airtasker
How did the idea for the company come together? Fung shared:
“The idea for Airtasker came together through a combination of personal experiences and observations I had over time. Back in 2011, I was moving apartments and a friend of mine helped me move using a truck that he uses in his business to deliver frozen chicken nuggets. That day, as we struggled to load and transport all of my stuff from one apartment to another,we thought to myself, ‘There has to be a better way to get things like this done, especially when there are so many people in the community looking for ways to earn extra money.’”
“That’s when the idea for Airtasker started to take shape. I saw an opportunity to create a marketplace to enable people in the local community to help with everyday tasks. At the time, there were services for hiring professional providers, but nothing that made it easy to connect with people locally who could help with everyday type jobs. It felt like a missed opportunity.”
“After having the experience building amaysim (a mobile telco startup), I saw a chance to build something that could tap into the growing sharing economy. I wanted to create a platform where people could connect with people in their local community to get tasks done quickly and easily, whether it was something small like assembling furniture or larger tasks like moving homes.”
“We launched Airtasker in 2012, starting in Sydney, Australia, with the goal of building a trusted, community-driven platform where anyone could offer or request help for nearly any task.”
“It all started with a chicken truck, but it’s been amazing to see how the idea has grown and evolved since then!”
Favorite Memory
What has been your favorite memory working for the company so far? Fung reflected:
“Since we’re speaking of early days, I’ll include one of my first core memories in creating Airtasker and proving it to the community. I was in a restaurant with one of our early venture capital investors. The guy said he wanted someone to come and clean his apartment. I replied that ‘should be easy, and that I could get someone in about twenty minutes.’ Naturally, the request quickly escalated.”
“He then said, ‘We’re going to play poker, so they also have to be able to deal poker, and be able to speak Mandarin.’ I posted the job, and maybe I didn’t have enough faith in our marketplace: we had four or five people wanting to do the job, and the guy ended up being one of our most significant investors.”
Core Products
Screenshot
What are the company’s core products and features? Fung explained:
“Airtasker is designed to connect people with local Taskers. It’s core features include:
– Task Posting: Customers (Posters) can create a task by specifying the job, location, budget, and other details. The platform supports a wide range of services, from handyman repairs, petcare, to administrative help.
– Tasker Selection: Taskers (service providers) can browse tasks and submit offers. Customers can review profiles, ratings, and reviews to select the best Tasker for the job.
– Secure Payments: Payments are held in escrow by Airtasker and released once the task is completed to the customer’s satisfaction.
– Messaging System: In-app communication allows Posters and Taskers to discuss job details, share updates, and stay aligned on expectations.
– Reviews and Ratings: After task completion, both Posters and Taskers can leave feedback and rate their experience, promoting trust and accountability within the platform.
– Service Variety: Airtasker makes it easy to get anything done, from household chores to specialized and unique tasks, the breadth of categories ensures versatility for both customers and Taskers.”
Challenges Faced
What challenges have Fung and the team face in his sector of work recently? Fung acknowledged:
“In building a local, community-driven two-sided marketplace almost every day is a completely new challenge! One of the hardest aspects of building Airtasker is that – in both our company and in our marketplace – we don’t tell people what to do, we empower them to achieve their own goals… and every single person has their own unique goals!”
“The unique skills, aspirations and goals of every individual person is what makes Airtasker amazing, but also super challenging!”
Evolution Of Airtasker’s Technology
How has the company’s technology evolved since launching? Fung noted:
“When we first started Airtasker, the platform was very much focused on simply connecting people who needed tasks done with those who could do them. But as we grew, it became clear that technology would be the major driver in enhancing the experience for both Taskers and customers.”
“Over the years, we’ve made significant investments in machine learning and AI to improve how we connect Taskers with customers. Early on, the platform was more manual, but now we use data to intelligently ensure that both sides get the best experience possible.”
“We’ve also built out a range of tools that empower Taskers to manage their businesses better—things like pricing flexibility, availability settings, and communication tools. These features make it easier for Taskers to deliver a professional service while helping customers book with confidence.”
“On the customer side, we’ve streamlined the entire process. Booking a task used to take a bit longer, but we’ve invested in improving the user interface, making the platform more intuitive, and even integrating features like payment protection and reviews to enhance trust. We also introduced a cancellation feature to add flexibility for both customers and Taskers.”
“Finally, automation has become a major focus for us. We’re leveraging AI to automate parts of the customer support process, which helps resolve issues faster while ensuring we can scale efficiently as we grow into new markets. The goal is always to make the platform more reliable, trustworthy, and easy to use.”
Significant Milestones
What have been some of the company’s most significant milestones? Fung cited:
“Since its launch in 2012, Airtasker has achieved a major milestone by distributing over $600 million to Taskers. This financial impact underscores the platform’s success in enabling Taskers to earn income through the marketplace. With 3 million Taskers across the US, UK, and Australia, and having completed 4.3 million tasks, Airtasker has demonstrated its broad reach and effectiveness in connecting people with tasks that need to be done.”
“The fact that completed tasks in the U.S. have surged by 306% year-over-year (YoY) is particularly noteworthy. This dramatic increase reflects the platform’s rapid growth and expanding market presence in one of our key international markets. These figures not only signify Airtasker’s growing influence and success but also highlight its substantial contribution to the gig economy and its role in facilitating economic opportunities for millions of Taskers globally.”
Customer Success Stories
When asking Fung about customer success stories, he highlighted:
“Recently, our customer Christine, who owns a yacht hire and events company, needed large signage picked up from a wharf in between events. The catch? The wharf booking only allowed a 15-minute window, so the Tasker had to be precise and fast in collecting the signage directly from the yacht. She booked a Tasker within 10 minutes, and by that afternoon, they arrived with their van and smoothly handled the pickup. Traditional couriers and other platforms couldn’t meet the strict timing and specific instructions, making Airtasker the perfect solution for her.”
Funding
When asking Fung about the company’s funding and revenue, he revealed:
“In FY24, Airtasker achieved positive free cash flow, driven by the Australian marketplace’s impressive 24.2% compound annual growth rate, generating $31.0 million in annual free cash flow. With $17.8 million in cash and term deposits, Airtasker is well-positioned to invest in its continued growth. Additionally, the company has secured $28.0 million in advertising inventory from an expanding global network of media partners, including ARN, oOh!, Channel 4 Ventures, iHeart Media, and TelevisaUnivision. As Airtasker continues its international expansion, it is tapping into a massive $955 billion total addressable market in the UK and US.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Fung assessed:
“As a leader in the gig economy, Airtasker is addressing a rapidly growing US market. Gig work contributed $1.35 trillion to the US economy in 2022, with the global gig economy accounting for 12% of the labor market.”
“As part of Airtasker’s global expansion strategy into the US, we are currently targeting Los Angeles County, one of the largest and most diverse economies in the U.S., with a population exceeding 10 million. The region’s strong demand for on-demand services across various sectors aligns perfectly with Airtasker’s offerings. Los Angeles boasts a vibrant gig economy and a high concentration of homeowners, renters, and small businesses, which presents a substantial market for services like home repairs, cleaning, personal assistance, event planning, and odd-job tasks. This expansion into LA is a key step in our global growth strategy, as we estimate the Total Addressable Market (TAM) in this area is significant, driven by both the increasing demand for flexible work and the broad spectrum of tasks that residents and businesses need.”
Differentiation From The Competition
What differentiates the company from its competition? Fung affirmed:
“At its core, Airtasker stands out due to its horizontal business model and its emphasis on community-driven task fulfillment.”
“Unlike platforms that focus on specific types of services, Airtasker offers a broad range of tasks, allowing users to address almost any need, from home repairs and cleaning to personal assistance and pet-sitting. This breadth and versatility makes Airtasker a one-stop solution for a diverse array of tasks. On Airtasker, you’ll find tasks you won’t see anywhere else – everything from getting the viral Chipotle Halloween costume to event planning.”
“Additionally, Airtasker’s community-driven approach connects individuals within local areas, fostering trust and collaboration between those who need help and those who want to provide it. This local focus is complemented by comprehensive user tools, including secure payments, a robust messaging system, and detailed reviews and ratings, which ensure safe and transparent interactions.”
Future Company Goals
What are some of the company’s future company goals? Fung concluded:
“As we look to the future, one of our primary goals is to continue expanding globally while deepening our presence in existing markets. We’ve seen great success in Australia, and our focus now is to replicate that in markets like the US and the UK. In particular, the US represents a massive opportunity, and we’re aiming to become a household name by scaling our marketplace and building a strong local brand.”
“Another big goal is around always improving the product experience. We’re constantly innovating to make Airtasker easier and more intuitive for both customers and Taskers. That means investing in more advanced technology, like AI and machine learning, to help people even more efficiently and create personalized, seamless experiences.”
“We also want to continue empowering Taskers. The gig economy is evolving, and we see Airtasker playing a huge role in helping people turn their skills into sustainable careers. Whether it’s through better tools, educational resources, or opportunities for growth, we want to be the go-to platform that helps people realize the full value of what they can offer.”
