ITV PLC on Wednesday said it is adding architectural technology company Resi Design Ltd to its ‘Media for Equity’ portfolio as its first investment of 2023.
The London-based television broadcaster and content producer said it has agreed to subscribe for £1 million convertible loan notes in Resi. The deal has an option for an additional two tranches of £1 million each, in return for advertising inventory across ITV’s Channels and ITVX. ITVX is the company’s new, free, ad-funded streaming service.
ITV added that the investment is part of ITV Adventures Invest, its ‘Media for Equity’ investment fund. ITV Adventures was launched in 2021. The programme sees ITV take minority stakes in ‘in early stage digital and direct-to-consumer businesses’, in return for advertising inventory across ITV’s range of channels and ITVX.
Resi is an architectural technology company. It is based in Brixton, London, with 88 employees, and is ‘on a mission to change, democratise and have a sustainable impact on the UK residential home development market.’
It explained that its investment will bring Resi to ‘millions’ of viewers, by launching the brand on TV for the first time.
Sheena Amin, director of ITV AdVentures Invest, said: ‘Resi solves so many pain points for home renovators and architects alike, and I look forward to helping the Company become a household name through the power of ITV.’
Shares in ITV were up 0.8% to 89.14 pence each in London on Wednesday morning.
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