Aviva, a UK-listed insurer, has committed £50m ($67m) to back independent venture capital funds backing sustainable-focused technologies.
Its first commitment of undisclosed amount is into the Clean Growth Fund, which invests in early-stage UK-based technology companies in the low carbon economy, such as Indra, which manufactures and supplies smart electric vehicle chargers, and Tepeo, which invented a zero-emission boiler.
The commitment follows Aviva’s announcement earlier this year to become a net zero carbon emissions company by 2040.
Ben Luckett, who was promoted to chief innovation officer at Aviva in the summer and retains its direct CVC activities through Aviva Ventures, said: “We have seen strong growth in sustainability-focused startups as consumers become more climate conscious.”
Beverley Gower-Jones, managing partner at Clean Growth Fund, added: “Coming so soon after COP26 in Glasgow, Aviva’s investment in the Clean Growth Fund is a strong and welcome strategic move.”
