Aviva, has announced a GBP10 million investment, and a five-year extension to its innovation partnership with Founders Factory to support new start-ups in the UK.
Founders Factory is a global venture studio and accelerator that was co-founded by Brent Hoberman and Henry Lane Fox in 2015. Since its inception, over 200 businesses have been created and accelerated through the Founders Factory and have gone on to raise more than GBP400 million 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 start-ups 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 intelligence and machine learning.
Over the past five years the Aviva and Founders Factory partnership has resulted in a number of successful businesses being created and accelerated including Acre, Shepper and Tembo.
Ben Luckett, Chief Innovation Officer, Aviva, says: “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, says: “The UK’s fintech ecosystem continues to dominate in Europe and the GBP18 billion 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.”
