Aviva, a UK provider of life insurance, general insurance, health insurance and asset management, made a £10m investment, and a five year extension to its innovation partnership with Founders Factory to support new startups in the UK.
Co-founded by Brent Hoberman and Henry Lane Fox in 2015, Founders Factory is a global venture studio and accelerator, which has created and nurtured over 200 businesses which have raised more than £400m in funding.
Aviva has been Founders Factory’s strategic partner in the FinTech sector since 2016. In the next phase of the partnership, Aviva and Founders Factory will support the growth of seven start ups each year, selectively investing in entrepreneurs across a diverse range of backgrounds and with a varied range of skills.
The partnership will invest in startups that focus on emerging trends and customers’ evolving needs within the financial services sector. Themes in focus will include wellbeing and mobility and the opportunities created by artificial iIntelligence and machine learning.
Over the past five years the partnership has resulted in a number of businesses being created and accelerated including Acre, Shepper and Tembo.