ITV has made an investment valued at £2 million ($2.7M) in British mapping startup What3words through its AdVentures Invest initiative, which sees the UK broadcaster take stakes in tech companies in exchange for advertising exposure.
What3words represents ITV’s first AdVentures deal and is part of a funding round for the location services app, which has also attracted a £12M investment from Ingka Group, a holding company that controls the majority of IKEA stores.
What3words divides the world into a grid of three-meter squares, giving each its own three-word identifier. So, for example, the Rovers Return pub on the Coronation Street set is located at ///horn.studio.towers.
What3words CMO Giles Rhys Jones said: “Our work is helping individuals and businesses across the UK to make deliveries, meet friends, specify destinations for taxis and cars, but also to save lives. ITV can take our message of helping people to “know exactly where” to millions of homes.”
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