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
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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
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* Before the deduction of Aviva and Friends Life overlapping customers.