Nearshore Americas

Telefonica’s VC Fund Makes its First Investment

BY STAFF REPORT

Spanish telecom giant Telefonica’s newly-founded venture capital fund Telefonica Digital has agreed to invest in a British technology company TaskHub.

The operator has not disclosed how much money it was putting into the British start-up that acts as an online marketplace. All it has said is it is investing “a six figure sum”.

The transaction marks the first investment in a start-up by the venture capital division of Telefónica. The investment has been made through Telefonica Digital’s UK division Wayra Academy.

Taskhub is an online job market that allows users to outsource small jobs and tasks to trusted individuals or businesses in the communities in which they live. The site allows people to post a task and the price they are willing to pay for it. Relevant experts, who are verified on the basis of a range of checks, including customer reviews, can then bid for the job. Those who bid for the job need to have good credentials and part of the community that TaskHub serves.

There is no information about the number of TaskHub users and its annual revenue.

“We created Wayra to find and nurture the best technology start-ups and this investment is a fantastic example of how we can then take a start up beyond seed stage, leveraging both our venture capital capabilities and opportunities within our operating businesses,” said Martin Harriman, Head of Telefónica Digital for the UK and Ireland.

“With Taskhub, our aim is to create lasting social change by providing a platform to create safe and meaningful real world connections. We plan to be the single most valuable online source for local engagement through paid jobs and volunteer opportunities,” said Rahul Ahuja, CEO of Taskhub.

Wayra London opened last summer and is part of a global network that now covers 13 academies in 12 countries in Europe and Latin America. Ten of these Academies, including those in Latin America, are currently open to applications, the operator stated in a press release.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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