TaskHer

The VC-backed trade app doing six figures of revenue

Author

Quick Pitch
December 05, 2024

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Categorised as EIS/SEIS eligible

The UK’s EIS/ SEIS schemes are incredibly important for early stage startup funding, making the UK highly competitive for securing investment. At Quick Pitch we think it’s crucial to champion startups taking advantage of this super power even if pre-launch.

Today’s feature of Quick Pitch is an early-stage start up connecting homeowners with verified tradeswomen.

The Market

  • UK households spend £56bn a year on home improvement & tradespeople

  • This is expected to grow 11% YoY in the next three years

  • The number of tradeswomen in the UK has grown 41% to just under 50k

This week's business solves two major problems: 

  • The growing demand for verified on-demand tradespeople

  • The fact that 33% of people would choose a tradeswoman if given the choice

One Liner

TaskHer connects individuals with reliable tradeswomen for all their home service needs.

Quickfire

  • Headquarters: London

  • Employee count: 3

  • Investors: Bethnal Green Ventures, UFi Ventures and Resolution Ventures plus angels with experience at Apple, Stripe, Meta, Amazon, and many more

  • Funding amount: £250k

  • Business model: Marketplace business model operating B2B and B2C, TaskHer charges a service fee and receives commission on every booking

  • Traction metrics:

    • £200k annual revenue

    • 87% YoY growth in bookings

    • >500 tradeswomen onboarded

    • 5 B2B clients onboarded

Due Diligence

APPEALS

  • Strong Tech Stack: TaskHer’s AI-powered tech delivers instant quotes, secure payments, and smart job matching, which reduces cancellations by 42%.

  • Strong Social Element: The focus on tradeswomen specifically elicits more loyalty among customers and workers, resulting in lower churn as well as a strong community

POTENTIAL RISKS

  • Competition: There are strong players in the market (such as TaskRabbit and Airtasker) where users can choose to select tradeswomen

  • Access to tradeswomen: to scale effectively TaskHer needs a consistent supply of good quality, vetted tradeswomen which could be hard to maintain (especially in more rural areas)

Competition

TaskHer is the only platform dedicated to sourcing solely tradeswomen, however there are other well-funded platforms dedicated to sourcing tradespeople more generally:

Founders

  • Anna Moynihan, Co-founder, Experienced marketer with stints at the BBC, Virgin Media, and Channel 4

  • Paul Moynihan, Co-founder, Exited Founder of wefindvenues

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