Aviva today announces the commitment of a further £150m to its corporate venture capital fund, Aviva Ventures. The fund will focus on delivering returns through investments into early stage businesses that bring Aviva new opportunities and insights into emerging technology and customer trends.
Aviva is also announcing the new fund’s first investment, an investment in Scan.com, a business helping individuals and organisations book diagnostics scans such as MRI, ultrasounds and x-rays. Scan.com launched in 2017 and has a network of 150 scanning centres across the UK. Scan.com has helped over 10,000 patients and is now the UK market leader in medical imaging services.
Ben Luckett, Chief Innovation Officer at Aviva, said:
“Innovation is central to Aviva’s strategy and our ambition to deliver great outcomes for our customers. The £150m commitment to Aviva Ventures will be used to make early stage investments in promising young digital and tech firms that also provide us with insight on emerging technology and consumer trends.
“Our investment in Scan.com is a statement of our intent – they are growing rapidly, have a unique customer proposition and are already leading the way on medical imaging services in the UK. We are really excited to support Scan.com’s development and growth.”
Charlie Bullock, co-founder and CEO of Scan.com, said:
“We are thrilled to have such strong support from Aviva as we continue to build Scan.com across the UK. The capital will be used to continue to improve access to diagnostic imaging and medical screening exams, through our consumer facing marketplace and application programming interfaces (API). This round would not have been possible without the incredible effort and tenacity shown by our entire team, who have built Scan.com at such a fast pace in what is traditionally a very slow-moving industry.”
About Aviva Ventures
- Aviva Ventures was set up in 2016 with an initial £100m investment, as part of Aviva’s commitment to innovation. The fund focuses on investments where Aviva can develop a strategic relationship. Investment themes include customer wellbeing, mobility, sustainability, and the opportunities created by new technology developments like Artificial Intelligence. Previous investments include Tembo Money, Outdoorsy, Shepper and Owlstone Medical.
- Scan.com launched in 2017 and has a network of 150 scanning centres across the UK. Scan.com has helped over 10,000 patients and is now the UK market leader in medical imaging services, receiving referrals from hundreds of clinicians, consultants, health insurers and telehealth providers every month. Scan.com can deliver results to patients in as little as a week, reducing waiting times and improving patient care outcomes. Aviva has supported Scan.com since 2021, when they joined Aviva’s innovation partner Founders Factory as part of their accelerator programme.
- Scan.com began as a side project, co-founded by clinicians who experienced inefficiencies when trying to organise diagnostics for their patients.
- Scan.com’s mission is to make medical imaging accessible for everyone. It offers an appointment booking engine for patients, a portal for referring providers, and an API for digital health partners, across the UK and the USA.
- Their 2021 $2m seed round, co-led by Oxford Capital and YZR, and backed by notable angel investors including Tom Blomfield (ex-Monzo) and Evelyn Bourke (ex-BUPA), launched Scan.com full-time. Supercharged by a subsequent $2.2m extension in 2022 led by Triple Point Ventures, the team is now 30-strong across the UK and US.
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Notes to editors:
- We are one of the UK’s leading Insurance, Wealth & Retirement businesses and we operate in the UK, Ireland and Canada. We also have international investments in India, China and Singapore.
- We help our 18.7 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
- We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2022, we paid £23.2 billion in claims and benefits to our customers.
- Aviva is a market leader in sustainability. In 2021, we announced our plan to become Net Zero by 2040, the first major insurance company in the world to do so. This plan means Net Zero carbon emissions from our investments by 2040; setting out a clear pathway to get there with a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition and action at www.aviva.com/sustainability
- While we are working towards our sustainability ambitions, we acknowledge that we have relationships with businesses and existing assets that may be associated with significant emissions. More information can be found at www.aviva.com/sustainability/climate/
- Aviva is a Living Wage and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
- As at 31 December 2022, total Group assets under management at Aviva Group were £352 billion and our estimated Solvency II shareholder capital surplus as at 31 March 2023 was £7.7 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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