Airtasker, an Australian online marketplace for local services, raised $5 million in media capital from ARN Media (ASX:A1N).

The partnership aims to boost Airtasker's brand awareness and accelerate growth within Australia.

The partnership expands Airtasker's Australian media capital reserves over two years to $11 million, building on their recent deal with oOh!media Limited (ASX:OML).

Airtasker will leverage ARN's extensive network of 58 radio stations and the iHeartRadio platform to reach a wider audience.

The terms of the agreement include a $5 million convertible note with a 5.8% coupon rate, allowing Airtasker to either convert the note into shares or repay in cash at maturity.