Agents can expect to see a lot more of Purplebricks on their TV screens after ITV chose the online agent for its first investment of 2024 through its Media for Equity fund.
The media for equity programme sees ITV take a minority stake in the business, alongside venture capital investment, in return for advertising inventory across ITV's channels.
The money has been delivered through ITV AdVentures Invest and involves the media brand agreeing to subscribe for £1.5m convertible loan notes in Strike Limited, with the option for an additional two tranches of £1.5m each, in return for advertising inventory across ITV's channels and ITVX.
Following ITV's investment, a new Purplebricks TV advertising campaign will kick off nationally this summer, a stock market update from ITV said.
Sheena Amin, director of ITV AdVentures, said: "I'm delighted to be completing our first media for equity investment of the year into Strike.
“The powerful combination of Strike's consumer proposition which allows homeowners to sell their house for free together with the Purplebricks brand, makes the business a great fit for a media for equity investment.
"We believe that the company is well positioned to continue their disruption of the estate agent market and we aim to help build both their brand awareness and market share by using the power of TV to bring their message to millions of viewers."
Sam Mitchell, chief executive of the Purplebricks Group, added: "This is an exciting moment for Purplebricks as we partner with ITV in a significant media for equity deal. The process for buying and selling properties hasn't changed in almost 200 years, but thanks to Purplebricks, customers are now able to sell their home for free, with no hidden costs.
"ITV will help us take that message to homes across Britain as we continue to build on the strong momentum of the past six months."
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So exciting, can't wait, arrgghh. Fools, why do they all think the housing market is a pot of gold.
Ah . . . There’s that overused word again - disrupter!!
This deal will clearly help raise profile through TV advertising but won’t seemingly provide working capital or assist cashflow except through reducing/mitigating marketing costs.
Let’s see.
PB will get some business from it no doubt, the naivety is the notion it might put them in to profit but how can it if they dont charge anything. The only thing its disrupting is ITVX bank balance, incredulous stupidity.
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