Aviva to invest £100m in technology start-ups

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.”