Airtasker
Investment

Context

IAG Firemark Ventures is IAG's $75M venture fund investing in emerging technologies with the potential to disrupt the value chain, create new pathways to market, and enhance customer understanding.

Kickoff

At this point in time, IAG’s core business was under growing challenge, so the exploration and investment to enhance or create new revenue streams was fundamental to the future of IAG.

IAG had already invested in Airtasker the year prior, so we were well across the space they operated and where they sat in market. Airtasker had attempted to expand their product into the UK, but it was not going as smoothly as they had forecasted. They were seeking a raise to continue their expansion.

Synergies With
Our Core Products

Whilst IAG was already running experiments and pilots with Airtasker, several more came out of our discussions. The synergies overall were for IAG:
Access to data about the cost of services (both trades and less skilled workers)
Access to an on-demand workforce that competes for work on both price and quality - with IAG placing business through the site at a discounted rate (e.g. when events occur, and for sub-excess claims)
New revenue opportunities, including:
- ­Increasing the insurance coverage currently provided by IAG to Airtasker­
- Producing new products specifically targeting platform use (e.g. on demand insurance)­
- Applying the learnings from Airtasker to insurance other parts of the Gig economy
­- Marketing of existing IAG products on the platform
- Offering use of the Platform to IAG’s SME customers at a discounted rate to build engagement with IAG’s SME insurance customers

For Airtasker, we would help scale their product to our large customer base.

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