LONDON (dpa-AFX) - ITV plc (ITV.L) announced its first investment in what3words Ltd. under its new Media for Equity programme. Further, ITV is acquiring a minority stake valued at £2 million in return for advertising inventory, with an option to invest a further £2 million.
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.
With the Media for Equity programme, the company takes 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 company noted that it has appointed Niko Waesche, a seasoned media investor and venture capitalist, to lead the Media for Equity initiative.
In addition to Media for Equity, the company 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.
Giles Rhys Jones, CMO of what3words said, 'what3words has seen a dramatic increase in the number of people using the system... 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.'
Copyright RTT News/dpa-AFX