NEWS & VIEWS

Global private equity and venture capital news and research

TaskRabbit collects $13m Series C round led by Founders Fund

24 Jul 2012

PayPal co-founder Peter Thiel’s Founders Fund has led a $13m financing round for online task-running service TaskRabbit.

The business allows users to post tasks they need performed online, whereupon background checked ‘TaskRabbits Runners’ bid to take them on.

Existing investors Shasta Ventures, Lightspeed Venture Partners, Baseline Ventures, Shervin Pishevar and 500 Startups also took part in the Series C round.

TaskRabbit said it planned to use the financing to expand its engineering, product and executive teams.

Founders Fund’s Bruce Gibney will join the company’s board as part of the deal.

The firm said, “Founders Fund is delighted to support (CEO Leah Busque) and her team in building this beautiful and innovative product.

“TaskRabbit allows every TaskRabbit Runner to be an entrepreneur and every TaskPoster to access high quality labor on his or her own terms.

“TaskRabbit helps its users become more productive while simultaneously creating thousands of jobs — it’s a revolution for a labor market in desperate need of innovation.”

The company, which was set up four years ago, has expanded its services to Seattle, Portland and San Antonio since the start of the 2012.

Founders Fund, which counts Facebook founding president Sean Parker as one of its managing partners, raised its fourth suite of funds with commitments of $625m in December 2011.

The firm was an early backer of companies including Facebook, Palantir Technologies, Spotify, SpaceX, Discovery Engine, and ZocDoc.

It said it planned to invest the new capital in a mix of early-stage technology start-ups and follow-ons across sectors including aerospace, artificial intelligence, analytical software, emerging biotechnologies, robotics, education, and consumer internet.

Copyright © 2012 AltAssets

FUNDRAISING & INVESTOR RELATIONS


Legals & Terms of UsePrivacy Policy


AltAssets is registered as a trademark of Investor Networks Limited (06695690).
Registered Office: Zetland House, 5-25 Scrutton St, London EC2A 4HJ
Content is © AltAssets 2000-2014