Aviva today announces the launch of ‘Aviva Ventures’ a wholly owned venture capital business which will invest in a range of digital and new technology businesses. Aviva Ventures will provide early stage investment to back entrepreneurs with high growth businesses and, over time, expects to have a portfolio of small investments in a number of companies which have significant potential.
Housed at Aviva’s Digital Garage in London’s Hoxton Square, Aviva Ventures will look to commit approximately £20m per year over the next five years. Aviva Ventures will target investments in digital and technology companies operating in four areas: ‘the internet of things’, for example in connected homes, health and cars; data and analytics; innovative customer experiences; and distribution, for example new ‘sharing economy’ platforms.
Aviva Ventures is part of Aviva’s digital strategy and, through the investments made, will assist Aviva in identifying new commercial opportunities; the development of innovative business models and new digital insurance services and products which make insurance easier for customers.
Aviva Ventures first investment is in Cocoon (www.cocoon.life) a new business which has invented a next generation smart home security device. Internet and smart-phone enabled, Cocoon alerts the homeowner to movement and sound within the house, using ‘subsound’ technology: low frequency sounds, outside the range of human hearing. Cocoon is due to launch next year into a ‘smart home’ market which is set to grow to $35.31 bn* by 2020 (29.5% CAGR).
Ben Luckett, Managing Director Aviva Ventures, 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".
*Allied Market Research
Andrew Reid +44 (0)20 7662 3131
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 34* million customers, across 16 markets worldwide
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
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* Before the deduction of Aviva and Friends Life overlapping customers.