Insurer launches Aviva Ventures venture capital arm
Aviva has launched a venture capital unit that will invest £100m in technology start-ups over the next five years.
The insurer said the new unit, which will be housed at its ‘digital garage’ in London’s Hoxton Square, would look to invest around £20m a year for the next five years in early-stage digital and new technology businesses.
The target businesses will operate in four areas: the Internet of Things, data and analytics, innovative customer experiences and distribution, such as new sharing economy platforms.
The unit’s first investment is in Cocoon, which has developed a smart home security device.
Aviva Ventures managing director Ben Luckett said: “Aviva Ventures aims to invest in the best new technology and digital businesses around.
“So it’s highly appropriate that our first investment is with Cocoon - an exciting new business which combines a unique product, pioneering technology and a strong management team in a home security sector which is set for significant growth.”