Aviva launches venture capital arm

Aviva  has launched 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”.

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