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