Airtasker has struck its second media deal in little over a week, entering a new partnership with the Australian Radio Network (ARN) to raise $5 million in media capital.

The deal, which follows last week's announcement of a similar partnership with oOh!Media, aims to enhance Airtasker's brand awareness and foster growth within Australia. Together the deals will increase the company's Australian media capital reserves to $11 million over two years.

"We are thrilled to be building on the momentum of our global media partnership strategy by partnering with ARN and their enormous audio network. With podcasting and digital radio more popular than ever, audio is having a huge renaissance and presents a massive opportunity. The sheer ARN audience numbers - including for Kyle & Jackie O and Will & Woody - will amplify the stories that come with millions of tasks completed each year in the Airtasker community," said CEO of Airtasker, Tim Fung.

"This partnership, combined with our recently announced agreement with oOh!media, brings our available Australian media capital to $11m from both partners. This follows on from our $6.7m Channel 4 media partnership in the UK in June 2023, which is already delivering results. As part of our global media partnership strategy, our agreement with ARN represents an appealing capital-efficient way to drive growth. We can’t wait to get moving!"

As part of the deal, Airtasker will gain access to ARN's network of 58 radio stations, including KIIS FM, Pure Gold, and CADA, as well as the digital entertainment platform iHeartRadio. The terms of the partnership involve Airtasker receiving $5 million in ARN audio media inventory in exchange for a 2-year $5 million convertible note with a 5.8% coupon rate.

At maturity, Airtasker has the option to convert the outstanding note and coupon into ordinary shares at a 10% discount to Airtasker's 30-trading day volume-weighted average share price or repay the outstanding note and coupon in cash.

ARN National Agency Sales Director, Angus Leech, said: "We are thrilled to be welcoming Airtasker to the ARN network in this way. This audio partnership is representative of the types of long term, multi-dimensional relationships that we aspire to with clients. Mutually beneficial by nature, the partnership will deliver the brand results that Airtasker seeks, while also allowing ARN to get closer to the community of listeners that we create content for each day."

In the quarter ending 31 March 2024, Airtasker reported positive free cash flow of $2.5 million and $19.7 million in cash and term deposits on balance sheet with zero debt.