ITV acquires £2m stake in London location app in first equity investment

A British media group has today announced that it has completed its first investment in a London technology company.

ITV has reported its acquisition of a minority stake in what3words, an online location service, for a value of £2m.

This is the first investment from ITV’s Media for Equity programme, which allows the company to take minority stakes in early stage digital and direct-to-consumer businesses.

The deal will also secure advertising time for what3words across ITV’s networks.

Kelly Williams, managing director of ITV Commercial, commented: “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, said: “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.”