TaskRabbit Gets $13M From Founders Fund And Others To “Revolutionize The World's Labor Force.”
Collaborative consumption startup TaskRabbit is today announcing a $13 million C-round of funding, led by Peter Thiel's Founders Fund. The C-round will bring the company's total funding to $38 million.
Context & Ripple Effects
TaskRabbit had already raised $17.8 million in a second round within the preceding eight months and added former Disney CEO Michael Eisner as a strategic adviser. The new Founders Fund-led round takes disclosed funding to $38 million, reinforcing investor backing for its marketplace model as it also expands services such as San Francisco courier offering Deliver Now.
First-order effects
- TaskRabbit gains $13 million to fund operations and expansion, while Founders Fund becomes the lead investor in a company that has raised $38 million overall.
- The financing gives TaskRabbit greater capacity to build supply and demand around its task marketplace and its newly launched Deliver Now service.
Second-order effects
- TaskRabbit’s existing investors and Founders Fund are backing continued scale rather than a one-off service launch, raising the competitive bar for other labor marketplaces seeking capital.
- Customers and task providers become more valuable to TaskRabbit as the company can spend to deepen local marketplace liquidity across its service offerings.
Third-order effects
- Repeated large rounds point toward a labor-marketplace model in which well-capitalized platforms seek to assemble local worker supply, customer demand, and multiple task categories under one brand.
- If this funding pattern persists, access to growth capital will help determine which collaborative-consumption marketplaces can expand beyond individual city-level services.
The trend: Collaborative-consumption companies are attracting successive venture rounds to finance the difficult work of building liquid, local marketplaces for on-demand labor.