ITV's AdVentures arm to allocate £15 million in consumer-focused startup investments for the current year.
ITV AdVentures Boosts Investment in Startups
In a move to support the burgeoning startup scene, ITV's investment arm, ITV AdVentures, has announced plans to invest £30 million in consumer startups over the next two years.
This year, ITV AdVentures is set to invest £15 million in up to five consumer startups. The investment is part of ITV's strategy to expand its advertising technology and audience reach capabilities, particularly in the digital advertising, content creation, and technology sectors.
In 2022, ITV AdVentures will follow up with another £15 million in investments. The exact sectors for these investments have not been disclosed yet.
Startups Drive Economic Growth
Startups continue to play a significant role in driving economic growth. Many of these startups are aiming to disrupt their respective industries, as evidenced by the success stories of companies like Hopin and Heroes.
Hopin: A Rapidly Growing Online Events Platform
Hopin, a London-based live online events platform, has seen remarkable growth since its launch in 2019. Founded by Johnny Boufarhat, Hopin has a valuation of $2.1 billion, just eight months after its launch. The platform approves a new loan every 30 seconds in the country and has attracted £141 million in funding.
Heroes: Disrupting the E-commerce Industry
Heroes, an e-commerce company founded by twins Alessio and Riccardo Bruni, is another startup making waves. Heroes purchases, operates, and scales Amazon businesses, and has received £50 million in funding.
Yumi Nutrition: A Health and Wellbeing Success Story
Yumi Nutrition, a health and wellbeing brand based in Manchester, has also shown impressive growth since 2017. The brand, led by CEO Sebastien Vanderlinden, who was named Young Entrepreneur of the Year for 2020 at the Great British Entrepreneur Awards, claims to have sold its products in over 100 countries.
TransferGo: A Booming Fintech Firm
TransferGo, a London-based fintech firm, is another success story. Founded when the CEO was just 24 years old, the company attracts 2.5 million customers worldwide and has shown 117% growth in revenues in the last year.
Graphcore: Pioneering AI Technology
Based in Bristol, Graphcore has made a name for itself by creating a new processor specifically designed for AI. The company has shipped tens of thousands of its microchips around the world and has landed big deals with companies such as Dell and Microsoft.
Other Promising Startups
Other startups expected to continue growing in 2021 include Karma Kitchen, Gymshark, Uncapped, Depop, and HungryPanda. These startups, like Hopin and Heroes, are aiming to disrupt their respective industries and continue to drive economic growth.
As these startups continue to innovate and grow, it's clear that the UK's startup scene is in good hands.
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