ITV PLC ITV Announces Investment in PitPat (2604A)
May 23 2023 - 1:00AM
UK Regulatory
TIDMITV
RNS Number : 2604A
ITV PLC
23 May 2023
ITV Announces Investment in PitPat
London, 23/05/23
ITV today announces that it is investing in pet health and
wellness company PitPat and adding the company to its Media for
Equity portfolio in its second investment of 2023.
As part of ITV Adventures Invest, its Media for Equity
investment fund, ITV has agreed to subscribe for GBP3 million of
shares in Pitpatpet Ltd, with the option to subscribe for a further
GBP1 million of shares, in return for advertising inventory across
ITV's channels and ITVX.
PitPat helps pet parents keep their dogs happy, healthy and safe
with their subscription-free GPS tracker, award-winning dog
activity monitor and perfectly-portioned dog food. The company is
disrupting the traditional pet industry worth over $250 billion
globally with its innovative technology, unrivalled data and
super-personalised services.
ITV's investment will help PitPat build mass market brand
awareness by bringing the brand to millions of viewers.
Sheena Amin, Director of ITV AdVentures, said "PitPat is a truly
innovative, customer centric brand bringing the insights of data,
monitoring and tracking to help pet owners and I'm thrilled that
the company is becoming part of ITV's Media for Equity investment
portfolio. PitPat is at an important inflection point in its
scaling journey, having created a market-leading product for both
dog activity monitors and GPS trackers. We know that ITV viewers
index highly as pet owners and I'm confident that we can help drive
category awareness for pet GPS trackers and put PitPat on the map
at the same time. I've always been thoroughly impressed by Andy and
his team and have full faith in their ability to go after a huge
market opportunity and win in this space."
Founder & CEO of PitPat, Andy Nowell, said "We're delighted
to welcome ITV AdVentures as an investor at this exciting growth
stage for the business. Their extensive viewership and strategic
media expertise will enable us to reach a nation of dog lovers and
drive significant category awareness, cementing PitPat as the go-to
brand for pet parents. We have been thoroughly impressed by their
collaborative approach and are confident they will be an
instrumental partner in our growth."
PitPat's complete Dog Care Platform(R) is changing the way
humans approach pet care - because guesswork and the current
one-size-fits-all approach lead to unhealthy pets, expensive vet
treatments and excessively high insurance premiums. With rich data
and insights from over a hundred thousand dogs, PitPat is at the
forefront of pet tech, creating products that help pet parents take
away the guesswork and provide the best possible care for their
individual pets. Based in Cambridge, the company has a
multidisciplinary team of technologists, vets and dog-lovers and
delivers its services to dog owners directly and through
partnerships with leading pet insurers, food brands and other pet
businesses.
Launched in 2021, ITV AdVentures Invest is a Media for Equity
programme which sees ITV take minority stakes in early stage
digital and direct-to-consumer businesses, in return for
advertising inventory across ITV's range of market-leading channels
and ITVX. The initiative represents an innovative opportunity for
consumer businesses seeking to build scale through TV advertising,
alongside a strategic media partner. In turn, ITV benefits from a
share in the financial returns of the media investment and
strategic insights related to direct-to-consumer businesses.
NOTES:
1. The investment will be held at its fair value on ITV's
balance sheet and will not be consolidated.
2. In the unaudited accounts of Pitpatpet Ltd for the year ended
31 March 2022, reported gross assets were GBP1.0m and the net loss
was GBP1.7m. The Company is based in Cambridge, UK and has 33
employees.
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 drag
obligations.
For further enquiries please contact:
Investor Relations
Pippa Foulds +44 7778 031097
Sarah Comfort +44 7551 798668
Media Relations
Paul Moore +44 7860 794444
Laura Wootton +44 7917862293
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