Telefonica Digital has made its first investment in a Wayra-backed start up in the form of a convertible loan to Taskhub, an online marketplace for professional services.
The digital innovation arm of Spanish telco Telefonica will initially seek to leverage its six-figure investment in Taskhub through its UK arm O2. It plans to market the firm to O2’s small business users and customers from the local government sector.
Martin Harriman, Telefonica Digital’s UK and Ireland head, told the Wall Street Journal the firm chose a convertible loan investment to avoid smothering the start-up.
In a company statement, Harriman goes on to explain that the Taskhub investment is a good example of how the firm can “take a start up beyond seed stage,” promoted by Wayra and leverage Telefonica Digital’s “venture capital capabilities and opportunities within our operating businesses.”
Taskhub launched its service, which enables people to outsource small jobs to relevant experts, on Friday. Wayra has helped the firm by helping it develop an online marketplace, and providing a shared workspace at its headquarters, technology, expertise, and access to investors.
Wayra’s remit is to assist ICT start ups in Latin America and Europe through several academies that offer access to a range of tools, mentors and funding. Academies are currently available in 12 countries including Brazil, Germany, UK, and Spain.