Aviva is a leading provider of life insurance, general insurance, health insurance and asset management in the UK. In a recent development, the insurer has announced a £10 million fund and a five-year extension to its innovation partnership with Founders Factory. With this move, it will be able to support new startups in the UK.
Founded by Brent Hoberman and Henry Lane Fox in 2015, Founders Factory is a global venture studio and accelerator. It has supported the creation and acceleration of over 200 businesses and has raised over £400 million in funding.
Partnership with Founders Factory
Aviva and Founders Factory entered into a strategic partnership in the fintech sector in 2016. Taking this partnership to the next phase, Aviva and Founders Factory will support the growth of seven startups each year. They will selectively investing in entrepreneurs from a diverse range of backgrounds and with a range of skills.
As a part of the partnership, they will invest in startups that focus on emerging trends and customers’ evolving needs within the financial services sector. It will focus on wellbeing and mobility and the opportunities created by artificial intelligence and machine learning. Through this partnership, they have created successful businesses including Acre, Shepper and Tembo.
Ben Luckett, Chief Innovation Officer, Aviva plc: “Innovation is central to Aviva’s ambition to deliver great customer outcomes. The partnership with the Founders Factory ensures Aviva remains at the forefront of the new ideas and technology which will make customers’ lives simpler. Working with the Founders Factory we can provide practical and financial support to startups who are moving quickly to test new ways of doing business and new customer propositions.”
Brent Hoberman, Chairman and Co-Founder, Founders Factory: “The UK’s fintech ecosystem continues to dominate in Europe and the £18bn investment into the sector is second only to the US. It is a gold-standard market that is the envy of others. The disruption we have seen these startups make is the tip of the fintech iceberg and we expect to see innovations come through that embed financial services into different areas and increase financial wealth and accessibility for all. As I look back on five years of partnership with Aviva it is clear that we have found a way for corporate venture building to deliver consistent success in great innovation.”