ITV has announced it is investing in a partnership with the new car marketplace Carwow, in return for advertising inventory across ITV’s channels and ITV Hub.
The network is set to acquire a £2.5 million minority stake with an option to invest a further £2.5 million.
Launched in June 2021, Carwow offers a fast-growing consumer-to-trade car selling service and owns the biggest automotive channel on YouTube, with up to 6.7 million subscribers.
ITV’s venture joins the likes of leading investors such as Vitruvian, Balderton, Accel, Hercules Capital and Daimler.
READ MORE: ITV’s Mammoth Screen appoints Samantha McMillon as MD
“We are delighted to be partnering with Carwow. The team has demonstrated a deep understanding of both content and commerce, helping car buyers and sellers across the UK,” ITV AdVentures Invest fund manager Niko Waesche said.
CEO and founder of Carwow James Hind added: “We are very excited to be working with ITV and to have the opportunity to show even more people about how we can help them change cars in the coming years.”
“We look forward to deploying our first campaigns with ITV right away and building out our presence quickly over the months ahead.”
The Carwow deal marks ITV’s first media for equity investment in 2022, following four similar ventures in 2021 via the programme.
Click here to sign up to Marketing Beat’s free daily email newsletter
