Aviva makes multi-million pound investment to support UK startups

Insurance specialist Aviva has announced a multi-million pound investment in an innovation partnership aiming to support UK startups.

The firm has pledged a £10m investment and a five year extension to its innovation partnership with Founders Factory to support new businesses across the country.

Co-founded by Brent Hoberman and Henry Lane Fox in 2015, Founders Factory is a global venture studio and accelerator that has supported 200 businesses since its inception.

The renewed investment from Aviva will enable the accelerator to support the growth of seven startups a year.

Ben Luckett, chief innovation officer at Aviva, commented: “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 of Founders Factory, added: “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. In renewing this relationship, we can continue to support talented and ambitious founders and be the world’s best partner for entrepreneurs.”