TIDMITV
RNS Number : 4088T
ITV PLC
25 March 2021
ITV plc
ITV ANNOUNCES INVESTMENT IN what3words
First Investment Under Its New Media For Equity Programme
Following the announcement of "ITV AdVentures Invest," a Media
for Equity initiative, ITV has now concluded its first investment
in what3words Limited. what3words is a uniquely accessible location
service, which has divided the world into a grid of 3m squares,
giving each its own three word identifier: a what3words address.
For example, the front door to ITV's head office can be found at
horn.studio.towers. ITV is acquiring a minority stake valued at
GBP2 million in return for advertising inventory, with an option to
invest a further GBP2 million.
The Media for Equity programme sees ITV take minority stakes in
early stage digital and direct-to-consumer businesses, alongside
venture capital investment, in return for advertising inventory
across ITV's range of market-leading channels and the ITV Hub. The
initiative will serve as an innovative opportunity for early stage
businesses seeking to build scale through TV advertising, alongside
a strategic media partner.
ITV has appointed Niko Waesche, a seasoned media investor and
venture capitalist, to lead the initiative. Niko was responsible
for co-founding Germany's leading independent media for equity
fund, German Media Pool, and brings significant experience from a
background in media strategy, sales, data and tech, having
previously held senior positions within RTL, GfK and the media
industry unit of IBM.
The equity initiative's first investment is in what3words, an
innovative, widely available addressing technology providing a
simple way to communicate location. what3words is available as a
free app to consumers, whilst clients of the company include
automobility brands Mercedes-Benz, Ford, the AA and Addison Lee,
and delivery/ e-commerce platforms such as Hermes and BJS. In
addition, hundreds of emergency control rooms in markets as diverse
as the UK, India, North America and South Africa use the technology
on a daily basis to reduce search times.
In addition to Media for Equity, ITV runs a matching scheme for
entrepreneurial companies new to TV called AdVentures Ignite. ITV
Commercial has also recently launched ITV Backing Business, an
initiative with a wider remit designed to support UK's businesses
and their personnel as they return to growth. Backing Business will
offer bespoke content and resources, including marketing
initiatives, consumer and cultural insights and research and
analysis tools.
Kelly Williams, Managing Director ITV Commercial, said: "We are
always exploring new and creative opportunities to introduce
emerging brands to TV advertising. This new equity scheme marks an
opportunity for ITV to invest in and support entrepreneurial
consumer-focused companies, whilst diversifying and expanding upon
our existing clients and relationships. This initiative will also
demonstrate to digital-led businesses the power of ITV's weekly
reach of over 40 million people, as well as the storytelling and
brand-building capabilities of TV. We are thrilled that our first
investment is a leading UK-based tech company which also supports
public services."
Giles Rhys Jones, CMO of what3words adds: "what3words has seen a
dramatic increase in the number of people using the system. Our
work is helping individuals and businesses across the UK to make
deliveries, meet friends, specify destinations for taxis and cars,
but also to save lives. ITV can take our message of helping people
to "know exactly where" to millions of homes. It's fantastic to
have such a great partner on our mission to make the world a safer,
less frustrating and more efficient place."
NOTES:
1. The investment will not be consolidated and will be held at
its fair value on ITV's balance sheet
2. In the consolidated audited accounts of what3words Limited
for the year ended 31st December 2019, reported gross assets were
GBP24.7m and the reported loss was GBP14.5m
3. This disclosure is being made in accordance with listing rule
10.4.1 as the parties have agreed to certain customary minority
rights and obligations including but not limited to tag-along
rights and drag obligations
About what3words
Find your what3words address here .
Co-founded in London in 2013 by Chris Sheldrick, what3words is
the simplest way to talk about location. The system covers the
entire world, never needs updating, and works offline. A what3words
address is a human-friendly way to share very precise locations
with other people, or to input them into platforms and machines
such as ride-hailing apps or e-commerce checkouts. It is optimised
for voice input and contains built-in error prevention to
immediately identify and correct input mistakes.
The free what3words app, available for iOS and Android , and the
online map enable people to find, share and navigate to what3words
addresses in over 45 languages to date. Millions of what3words
addresses are in use around the world, with thousands of businesses
using them to save money, be more efficient and provide a better
customer experience. what3words is integrated into apps, platforms
and websites, with just a few lines of code. Products are available
for free or for a nominal fee for qualifying NGOs. Its partners
include Mercedes-Benz, Triumph Motorcycles, Premier Inn, the AA and
many emergency services across the world.
what3words has a team of over 100 people, across offices in
London UK, San-Francisco USA, Johannesburg ZA and Ulaanbaatar
Mongolia. The company has raised over GBP80 million in capital from
investors such as Intel, Aramex, Deutsche Bahn, Subaru and the Sony
Investment Fund.
For further enquiries please contact:
Investor Relations:
Pippa Foulds: +44 7778 031 097
Faye Dipnarine +44 207 157 6581
Media Relations:
Paul Moore: +44 7860 794444
Laura Wootton: +44 7917 862 293
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