ITV buys minority stake in carwow for £2.5m

Broadcaster ITV said on Wednesday that it is buying a minority stake in Europe’s largest new car marketplace carwow for £2.5m in return for advertising inventory.

As part of the deal, there will also be an option to invest a further £2.5m in carwow.

Marking ITV's first media for equity investment in 2022, the deal follows four similar investments last year. Other investors in carwow include Vitruvian, Balderton, Accel, Hercules Capital and Daimler.

ITV said carwow is one of the most influential brands in automotive consumer media owning the biggest automotive channel on YouTube. Fronted by chief content officer Mat Watson, the channel has 6.7m subscribers and regularly attracts 85m views per month.

Niko Waesche, fund manager of ITV AdVentures Invest, said: "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, Spain and Germany.

"Carwow is the go-to household brand for objective and entertaining car reviews and this guidance is essential for consumers, particularly as many people transition to electric vehicles."