U.K. TV giant ITV has acquired a 2 million pound ($2.74 million) stake in location technology company What3words in return for advertising inventory.
The company, led by CEO Carolyn McCall, said the deal with the start-up, which divides the world into areas of three square meters and gives each its own three-word identifier, was the first in its ITV AdVentures Invest media for equity initiative.
It also has an option to invest a further 2 million pounds. To show how What3words work, ITV mentioned the example of the front door to its head office in London, which the start-up describes with the words: drama.keen.buyers.
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