Property and casualty insurance group Aviva Canada has announced Aviva Ventures, its corporate venture fund looking to invest $180 million CAD in startups across the world, is entering Canada with its first-ever Pitch Day.
Aviva Ventures is part of UK-based Aviva’s wider innovation strategy that was launched in December 2015. The Pitch Day will take place in Toronto on October 11.
“Pitch Day is another way we’re fostering digital innovation in the insurance industry and staying on the forefront of technology that’s cutting edge,” said Ben Isotta-Riches, chief information officer of Aviva Canada. “We’re excited to make investments and collaborate with startups that can offer new, creative, and unique ideas to our company and add value for our customers.”
Startups are invited to apply until August 26. In order to qualify for Pitch Day, startups must specialize in one of four investment categories: IoT, data and analytics, distribution, or innovative new propositions for customers (such as P2P platforms). Aviva Ventures is looking to invest up to $10 million CAD for a maximum 20 percent stake, and startups should have raised at least $200,000 to date.
“We continue to thrive in the digital space with a portfolio of businesses Aviva Ventures has invested in so far in the UK,” said Ben Luckett, managing director of Aviva Ventures. “We’re ready to hit the ground running to meet the growing market opportunities of high-growth, digital startups in Canada.”
Early in March, Aviva Canada partnered with the DMZ to enhance its digital strategy, and stepped up early this year to provide coverage in Ontario specifically for ridesharing.