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.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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