Fiverr has a new competitor in town - Airtasker!
Airtasker (airtasker.com) is a marketplace for local services. They were founded in Australia and are a public company listed on the ASX, they have already expanded to the U.K and more recently, launched in the US in 2021.
In the US they just passed the 3,200 tasks listed in a single month in March, which is currently tiny, but they are growing at a very fast rate of 90% QoQ and are taking a very staggered approach by launching state by state.
Should Fiverr be worried?
The simple answer is, absolutely.
In addition to Airtasker's acquisition of US based Zaarly back in 2021, which was a similar task listing platform, they has recently acquired OneFlare, based in Australia, who is more focused on helping businesses find clients rather than customers posting tasks. OneFlare has over 14,500 verified businesses on their platform and with this acquisition, helps Airtasker level up their service offering by bringing more professionals onto their platform and offering.
Airtasker got a name for themselves by being a portal where users could list tasks like cleaning, moving, walking the dog etc.. and other users (often locals) would bid on the task. It was almost like a job listings board, but Airtasker collects payments via the platform and users can leave reviews.
However since their public listing in 2021, Airtasker have dramatically improved their platform and gradually moved into a 'Superstore' model where businesses and professionals list their products and services.
This is where Fiverr shareholders need to take note - this 'Superstore' model is positioned to be so much more than the Fiverr 'digital' focused listings and be a platform for just about anything. So if Fiverr is great for digital works (think wordpress development, logos, icons etc..), Airtasker is focused on not only digital services but also physical services.
Airtasker's revenue is approx. $35 million AUD vs $297 million USD of Fiverr, so a 10 fold difference. This should provide Fiverr with some firepower to fiercely compete but Airtasker is very active and hungry for growth so it could become a strong competitor to Fiverr in the next year or two.