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U.K. TV giant ITV has made a £1.25 million ($1.73 million) minority stake investment in Nineteen21 Ltd., which operates as ismybillfair.com, an online service designed to save British households time and money by getting a fairer price for bills from their current suppliers.
The deal is part of ITV’s capital infusions in companies in areas outside its core competency, often to reach younger audiences in new ways.
The ismybillfair.com service is currently live for energy bills, with expansion plans into broadband, the companies said. ITV is acquiring its stake in return for advertising inventory across its 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 U.K. 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.”
Said ismybillfair.com CEO and co-founder Alex Perrin: “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 U.K. and, combined with its near-perfect match with ismybillfair’s audience, we’ve found our ideal partner to fuel our growth.”
The start-up reported a net loss of £400,000 ($554,000) for the year ended in February 2020.
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