A new venture capital business which will invest in new digital businesses, including Fintech, has been launched by Aviva.
Called Aviva Ventures, it is a wholly owned business and will be, most appropriately, based at Aviva’s Digital Garage in London’s Hoxton Square.
The new venture will provide early stage investment and intends to back entrepreneurs with high growth businesses. It plans to establish a portfolio of small investments in a number of companies which have significant potential.
Some £20m is being committed over the next five years and the money will be directed at four main areas: ‘the internet of things’ (connected homes, health and cars); data and analytics; innovative customer experiences; and, distribution (‘sharing economy’ platforms).
The first investment has already been made and it’s in a company called Cocoon. This nifty device helps a householder protect their property by monitoring for movement and sound within a house.
Managing Director Aviva Ventures 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.”