ITV snaps up stake in consumer energy savings start-up in return for advertising time

ITV has seized a £1.25m stake in ismybillfair.com, a start-up attempting to slash the cost of energy bills.

The Love Island broadcaster has struck a deal where it dishes out advertising space across its TV channels and catch-up service in exchange for equity.

Ismybillfair.com aims to prevent the hassle of switching suppliers by securing customers a better deal with their existing provider. It plans to expand its service into the broadband market.

Nineteen21, the parent company behind ismybillfair.com, reported a net loss of £400,000 for the year to February 2020.

Alex Perrin, the chief executive and co-founder of ismybillfair.com, said: “Our aim is to become the leading household brand for saving without switching.

“ITV reaches more households than any other commercial TV group in the UK and, combined with its near-perfect match with ismybillfair’s audience, we’ve found our ideal partner to fuel our growth.”

ITV followed in the footsteps of Channel 4 in March by launching the media-for-equity fund Adventures Invest, spearheaded by fund manager Niko Waesche.

It has already taken a £3m stake in what3words, a London-based digital mapping firm that has carved up the planet into 3m squares carrying three words to identify them.

Mr Waesche said ismybillfair.com was an “extremely useful service for British consumers”.

The move came after ITV’S revenue rose 27pc to £1.5bn for the six months to the end of June as “advertising rebounded strongly”. Pre-tax profits rose from £15m to £133m.

Advertising revenue climbed 29pc over the period, helped by ITV ad sales for June hitting a record high driven by easing restrictions and the popularity of Euro 2020.

However, total viewing was down 6pc in the first half of the year.