ITV accepts buy dog items business PitPat

• ITV’s ‘media for equity’ mutual fund has actually likewise put money behind what3words
• PitPat’s items permit dog owners to keep track of the calorie consumption of their family pets

A Cambridge-based family pet health company will end up being the 2nd business this year to turn over an equity stake to broadcaster ITV in exchange for marketing.

ITV’s ‘media for equity’ mutual fund, Adventures Invest, will subscribe for £3million PitPat shares, with an alternative for a more £1million.

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In exchange, the business will promote its services and products throughout the broadcasting giant’s channels and on-demand membership service ITVX.

PitPat’s items consist of collar-worn trackers and activity displays that help dog owners track the calorie consumption, motions and place of their family pets without requiring a membership. 

ITV said the plan will allow PitPat to ‘build mass market brand name awareness by bringing the brand name to countless audiences’.

Andy Nowell, PitPat’s creator and CEO, said ITV’s ‘substantial viewership and tactical media know-how’ will allow the company ‘to reach a country of dog enthusiasts and drive considerable classification awareness, sealing PitPat as the go-to brand name for family pet moms and dads’.

Sheena Amin, director of ITV AdVentures, included: ‘PitPat is at a crucial inflection point in its scaling journey, having actually produced a market-leading item for both dog activity displays and GPS trackers.

‘We understand that ITV audiences index extremely as family pet owners, and I’m positive that we can help drive classification awareness for family pet GPS trackers and put PitPat on the map at the exact same time.’

ITV made a comparable handle March with architectural innovation company Resi, signing up for £1million of convertible loan notes in the group, together with an alternative for extra 2 tranches worth £1million each. 

The business’s first-ever media for equity deal came 2 years ago with a £2million financial investment in What3words, the pioneering app that transforms GPS collaborates into three-word codes.

Since then, Adventures Invest has actually struck tie-ups with dietary supplements start-up Feel, the energy rate service Ismybillfair.com, menswear brand names Spoke and online car market Carwow.

Channel 4’s media for equity fund has actually likewise purchased Carwow and What3words, along with social networks service Pinterest and crowdfunding platform Crowdcube.  

ITV shares were up simply 0.2 percent to 74.7p on Tuesday early morning and have actually dropped by around 42 percent over the previous 2 years amidst a more tough financial background.

Earlier this month, the FTSE 100 group revealed advertising revenues declined by 10 per cent year-on-year in the opening three months of 2023, while overall turnover fell faster than anticipated. 

However, its president Carolyn McCall said the business was ‘looking forward’ to the 3rd quarter when it anticipates the next series of Love Island and the Rugby World Cup to draw big audiences.