REG - ITV PLC - ITV Announces Investment in PitPat

ITVAnnouncement

23/05/2023 07:00

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RNS Number : 2604A  ITV PLC  23 May 2023

ITV Announces Investment in PitPat

 

London, 23/05/23

 

ITV today announces that it is investing in pet health and wellness company
PitPat and adding the company to its Media for Equity portfolio in its second
investment of 2023.

 

As part of ITV Adventures Invest, its Media for Equity investment fund, ITV
has agreed to subscribe for £3 million of shares in Pitpatpet Ltd, with the
option to subscribe for a further £1 million of shares, in return for
advertising inventory across ITV's channels and ITVX.

 

PitPat helps pet parents keep their dogs happy, healthy and safe with their
subscription-free GPS tracker, award-winning dog activity monitor and
perfectly-portioned dog food. The company is disrupting the traditional pet
industry worth over $250 billion globally with its innovative technology,
unrivalled data and super-personalised services.

 

ITV's investment will help PitPat build mass market brand awareness by
bringing the brand to millions of viewers.

 

Sheena Amin, Director of ITV AdVentures, said "PitPat is a truly innovative,
customer centric brand bringing the insights of data, monitoring and tracking
to help pet owners and I'm thrilled that the company is becoming part of ITV's
Media for Equity investment portfolio. PitPat is at an important inflection
point in its scaling journey, having created a market-leading product for both
dog activity monitors and GPS trackers. We know that ITV viewers index highly
as pet owners and I'm confident that we can help drive category awareness for
pet GPS trackers and put PitPat on the map at the same time. I've always been
thoroughly impressed by Andy and his team and have full faith in their ability
to go after a huge market opportunity and win in this space."

 

Founder & CEO of PitPat, Andy Nowell, said "We're delighted to welcome ITV
AdVentures as an investor at this exciting growth stage for the business.
Their extensive viewership and strategic media expertise will enable us to
reach a nation of dog lovers and drive significant category awareness,
cementing PitPat as the go-to brand for pet parents. We have been thoroughly
impressed by their collaborative approach and are confident they will be an
instrumental partner in our growth."

 

PitPat's complete Dog Care Platform® is changing the way humans approach pet
care - because guesswork and the current one-size-fits-all approach lead to
unhealthy pets, expensive vet treatments and excessively high insurance
premiums. With rich data and insights from over a hundred thousand dogs,
PitPat is at the forefront of pet tech, creating products that help pet
parents take away the guesswork and provide the best possible care for their
individual pets. Based in Cambridge, the company has a multidisciplinary team
of technologists, vets and dog-lovers and delivers its services to dog owners
directly and through partnerships with leading pet insurers, food brands and
other pet businesses.

 

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, in return for advertising inventory across ITV's range of
market-leading channels and ITVX. The initiative represents an innovative
opportunity for consumer businesses seeking to build scale through TV
advertising, alongside a strategic media partner. In turn, ITV benefits from a
share in the financial returns of the media investment and strategic insights
related to direct-to-consumer businesses.

 

NOTES:

 

1.   The investment will be held at its fair value on ITV's balance sheet
and will not be consolidated.

2.   In the unaudited accounts of Pitpatpet Ltd for the year ended 31 March
2022, reported gross assets were £1.0m and the net loss was £1.7m. The
Company is based in Cambridge, UK and has 33 employees.

3.   This disclosure is being made in accordance with listing rule 10.4.1 as
the parties have agreed to certain customary minority rights and obligations,
including, but not limited to drag obligations.

 

 

For further enquiries please contact:

 

Investor Relations

Pippa Foulds +44 7778 031097

Sarah Comfort +44 7551 798668

 

Media Relations

Paul Moore +44 7860 794444

Laura Wootton +44 7917862293

 

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