ITV makes investment in online estate agent Purplebricks

22nd May 2024 12:46

(Sharecast News) - Broadcaster ITV said on Wednesday that it has made an investment in online estate agent Strike, which trades as Purplebricks.

As part of ITV Adventures Invest, the company's Media for Equity investment fund, ITV has agreed to subscribe for £1.5m convertible loan notes in Strike, with the option for an additional two tranches of £1.5m each, in return for advertising inventory across ITV's channels and ITVX.

Strike bought online estate agent Purplebricks last year for just £1.

ITV said its investment in Strike adds to the Media for Equity portfolio, "building on the diverse range of investments it has previously made, which in the last twelve months have included pet health and wellness company PitPat, pain relief brand Flarin and plant-based meat business THIS".

Launched in 2021, 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 channels and ITVX.

Sheena Amin, director of ITV AdVentures, said: "I'm delighted to be completing our first media for equity investment of the year into Strike. The powerful combination of Strike's consumer proposition which allows homeowners to sell their house for free together with the Purplebricks brand, makes the business a great fit for a media for equity investment.

"We believe that the company is well positioned to continue their disruption of the estate agent market and we aim to help build both their brand awareness and market share by using the power of TV to bring their message to millions of viewers."

The new Purplebricks TV advertising campaign will kick off nationally this summer.