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Aviva will make investments £10 million in start-ups by means of a partnership with a enterprise arrange with Brent Hoberman, the co-founder of Lastminute.com.
The British insurer has been working with Hoberman’s enterprise, Founders Manufacturing unit, since 2016 and can prolong its partnership for 5 years. Aviva’s funding will fund the expansion of seven start-ups a yr, it stated.
Hoberman arrange the enterprise, which helps new companies set up themselves and develop with Henry Lane Fox, the brother of Martha Lane Fox, who had arrange the web holidays pioneer enterprise Lastminute.com with Hoberman in 1998.
Aviva’s partnership with Founders Manufacturing unit will deal with fintech. Ben Luckett, Aviva’s chief innovation officer, stated the association would enable the insurer to be “on the forefront of the brand new concepts and expertise which is able to make clients’ lives less complicated”.
Hoberman stated: “The UK’s fintech ecosystem continues to dominate in Europe and the £18 billion funding into the sector is second solely the US. It’s the gold commonplace market that’s the envy of others.”
About 200 companies have been created in reference to Founders Manufacturing unit and have raised £400 million of funding. Among the many companies created by means of its partnership with Aviva thus far are fintechs — Acre, a recruitment specialist, Shepper, which carries out inspection and knowledge seize on properties and belongings, and Tembo, which helps first-time patrons.
Founders Manufacturing unit combines entry to capital and specialist assist for start-ups. Of its portfolio of 200 corporations, 45 have been constructed from scratch inside its Enterprise Studio and have gone on to boost greater than £400 million in funding.
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