Airtime-for-equity deal for UKTV Ventures
March 9, 2021
Multichannel broadcster UKTV – owned by BBC Studios – has invested in luxury watch comparison website start-up TIME-TO-FIND, using its multi-million pound investment fund, UKTV Ventures.
The partnership comprises an ‘airtime-for-equity’ agreement which will see TIME-TO-FIND launch its first ever TV advertising campaign on UKTV’s seven channels – Alibi, Dave, Drama, Eden, Gold, W, and Yesterday. This will provide TIME-TO-FIND with access to an audience of over 30 million viewers a month for a period of 12 months. In return, UKTV will gain an equity stake in the business.
The deal was brokered by Director of UKTV Ventures, Sheena Amin and TIME-TO-FIND’s CEO Tony Quinn, who was assisted by boutique advisory firm Lazarus Consulting.
“Working with start-ups is my passion and I am thrilled that UKTV Ventures is supporting such a high-calibre management team with a proven track record in the luxury watch market,” declared Amin. “The team at TIME-TO-FIND have ambitious plans to grow and scale their business and I’m looking forward to partnering with them and raising awareness of their global marketplace platform via the unique brand building power of TV.”
“We’ve spent the last 24 months building and optimising our unique offering,” advised Quinn. “Even before the onslaught of Covid19, the traditional retail industry was going through a seismic shift: TIME-TO-FIND is future-proofing traditional retailers to take advantage of these changes. Structured as a reverse marketplace, it’s a disruptive business model which exclusively ‘speed dates’ consumers with only authorised brand agency retailers who have the watch in stock. We’re delighted that UKTV has decided to join us to help spread the word on our exciting journey.”
In addition to securing investment from UKTV, TIME-TO-FIND has announced several other key developments including:
- A strategic investment round (undisclosed sum) from a syndicate of existing shareholders.
- The launch of an equity crowdfunding campaign on Seedrs.
- Confirmation that Lazarus Consulting, the boutique advisory firm, will continue to advise and handle future funding rounds to support the company’s continued growth.