Retail,

Ikea Buys TaskRabbit

October 02, 2017

Our favorite meatball store Ikea is in the news again.

If you have trouble putting together your Liatorp coffee table, your Lappand TV storage unit or your Hemnes dresser – this new os for you.

The Swedish furniture will acquire the gig economy startup TaskRabbit.

TaskRabbit is a service which matches customers with “Taskers” who can complete tasks such as home repairs. The company itself has only 60 employees but over 60,000 independent workers use the platform to score gigs.

Ikea had previously launched a furniture assembly pilot program with TaskRabbit last year to help consumers assemble their efficiently packaged but notoriously tricky to assemble furniture. (why do I always has leftover parts? How is that even possible?)

The price of the deal could not be determined, but the contract labor marketplace company has raised about $50 million since it was founded nine years ago. Sources added that TaskRabbit will become an independent subsidiary within Ikea and that CEO Stacy Brown-Philpot and its staff would remain. The company operates in the U.S. and London, but Ikea said in its statement that it may expand TaskRabbit to other countries.

The deal was signed last Monday and Ikea anticipates the transaction would close next month.

Ikea, technically owned by a Dutch nonprofit, the Stichting Ingka Foundation, reported 2016 retail sales of $42.8 billion, up 8%.

 

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