ITV invests in architectural tech company Resi

ITV said on Wednesday that it has agreed to invest in architectural tech company Resi.

The broadcaster said it is adding Resi to its Media for Equity portfolio.

As part of ITV Adventures Invest, its Media for Equity investment fund, ITV has agreed to subscribe for £1m convertible loan notes in Resi Design Limited, with the option for an additional two tranches of £1m each, in return for advertising inventory across ITV's Channels and ITVX.

ITV said Resi joins its "diverse portfolio of successful Media for Equity investments". This includes location app what3words, online menswear brand Spoke, wellness brand Feel and Europe's biggest new car buying marketplace Carwow.

Sheena Amin, director of ITV AdVentures Invest, said: "It's an exciting time for ITV AdVentures as we announce our first media for equity investment of the year. I am also proud to be backing our first all-female founder team. Alex and Jules are serial entrepreneurs, with a proven track record of building, scaling and exiting online marketplaces.

"I have been thoroughly impressed by their passion and dedication to innovating and digitising the residential architectural market. Resi solves so many pain points for home renovators and architects alike, and I look forward to helping the company become a household name through the power of ITV."