Yahoo Finance Channel 4 to invest millions into AI-powered art marketplace Fy
Channel 4 is set to invest millions into the art and homeware marketplace Fy in a move the retailer hopes will help it to “take a leap forward” against its more established rivals.
Channel 4 Ventures, the company’s media for equity investment fund, will invest up to £3m of advertising inventory across its channels, with adverts running alongside home improvement shows including Grand Designs.
The media company said that the deal would support its wider goal of diversifying its revenue streams as it
transitions to becoming a “digital-first public service streamer”.
Fy describes itself as an “AI powered home and living marketplace” which allows artists to put their designs onto a range of products supplied by the company and uses image processing models to match users with products it thinks they will like.
Channel 4 has previously struck similar deals with companies including Purplebricks, Swyft and Coat Paints.
Vinay Solanki, head of Channel 4 Ventures, said: “We’re at the forefront of demonstrating the potential of media-for-equity for brands looking to scale in the UK and we are proud to invest in a company that extends our experience in the home and living space.
“Programmes where home interiors take centre stage are very popular with Channel 4 viewers, whose relevant programming is long distinguished.
“This partnership is yet another example of how we can create significant commercial benefits for the businesses that collaborate with us.”
Tom Beverley, CEO & co-founder of Fy, added: “At Fy we’re on a mission to transform how people shop the home and living category.
“Our unique combination of great products, amazing design ideas and cutting edge AI tech is something we think the Channel 4 audience is really looking for.”
In March, Channel 4 announced plans to invest millions of pounds worth of advertising in business founders it views as “overlooked and underrepresented”.
The scheme, which the media company named Untapped, uses a framework developed by the firm which it said will determine founders’ profiles across a range of criteria.
The company said this would allow it to identify more potential investment opportunities in early-stage businesses led by a broader range of founders, including women, companies based outside London, people from ethnically diverse backgrounds and entrepreneurs from outside the “start-up ecosystem”.
