ITV announces investment in ismybillfair
Latest addition to ITV's media for equity portfolio
ITV has concluded an investment in Nineteen21 Limited, which trades as ismybillfair.com. ismybillfair offers an online service that saves UK households time and money, by getting a fairer price for household bills from their current supplier, rather than having to go through the hassle of switching. The service is currently live for energy bills, with expansion plans into broadband. ITV is acquiring a minority stake valued at £1.25 million in return for advertising inventory across ITV's channels and the ITV Hub, with an option to invest a further £1.25 million.
Niko Waesche, Fund Manager of ITV AdVentures Invest, said: ismybillfair.com was launched by seasoned industry experts who understand the needs of both the energy providers as well as UK households so we liked this win-win proposition as soon as we heard about it. It's an extremely useful service for British consumers and we're looking forward to bringing it to a mass audience, and helping ismybillfair.com to grow, through ITV's unique reach.
ismybillfair.com CEO and Co-Founder Alex Perrin states: We know most people would prefer to save money with their current suppliers, and not have to go elsewhere. Our aim is to become the leading household brand for saving without switching. ITV reaches more households than any other commercial TV group in the UK and, combined with its near-perfect match with ismybillfair's audience, we've found our ideal partner to fuel our growth.
NOTES:
1. The investment will not be consolidated and will be held at its fair value on ITV's balance sheet.
2. In the unaudited accounts of Nineteen21 Limited for the year ended 29 February 2020, reported gross assets were £0.5m and the net loss was £0.4m.
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.
About ismybillfair
https://www.ismybillfair.com/
ismybillfair is an online service that saves you time and money, by getting you a fairer price for your energy bills from your current supplier rather than have to go through the hassle of switching. Its unique see where you stand, stay and save proposition is a much-needed antidote to the confusing world of price comparison sites, with 79% of people saying they would prefer to stay with their supplier and save.
About ITV AdVentures Invest
https://www.itvmedia.co.uk/new-to-tv/itvadventures/itv-adventures-invest
ITV AdVentures Invest is a Media for Equity programme which 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.
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ITV announces investment in ismybillfair
