(Alliance News) - ITV PLC on Thursday said it has invested GBP3 million in a digital health start-up as the broadcaster expands its media for equity investment portfolio.
Through its AdVentures arm, ITV has agreed to subscribe for up to GBP3 million worth of convertible loan notes in Feel Holdings Ltd.
The vitamin and supplements firm will launch a media campaign across ITV channels later in 2021. Feel has UK singer and media personality Cheryl Tweedy among its partners.
"Operating on a direct-to-consumer subscription model, Feel's science-led approach in developing innovative products with potent ingredients and no additives, resonates with the modern consumer, resulting in significant growth in the past 12 months. The company now aims to expand its product range into other nutrition verticals while growing its London-based team," ITV said.
Feel is the fourth investment in ITV's AdVentures media for equity scheme. As part of the programme, ITV invests in early stage digital companies. The investees, alongside backing, receive advertising space across ITV products.
Earlier in August, ITV said it acquired a minority interest in Nineteen21 Ltd, which trades as ismybillfair.com. The platform allows UK households to access cheaper household bills without switching supplier.
In May, it backed Respoke Ltd, a menswear clothing firm behind the brand SPOKE. The programme's maiden investment, announced in March, was for a GBP2 million stake in online location service platform what3words. what3words has divided the world into three metre squares with a three-word identifier. For example, the front door to ITV's head office can be found by keying in "drama.keen.buyers".
ITV shares were 3.4% lower at 116.45 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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