Aviva's invested in another fintech startup, leading $10.4m funding of Roost, a US smart home startup

 
Lynsey Barber
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Aviva sees promise in smart home tech (Source: Getty)

Aviva has invested in another tech startup that could potentially help it do insurance better.

The insurance giant has led a $10.4m series B funding round into US smart home startup Roost, along with fellow insurers Desjardins Insurance and Fosun Capital. Previous investors also participated and it brings three-year-old Roost's total funding to $17m.

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The startup is working on making existing household products "smart2 by connecting them to the internet. Last year it created a battery for fire alarms to connect them to smartphones and it also has a device that can detect and alert home owners to water leaks.

“As a corporate venture fund, we look for innovative businesses around the world that will shape the future of insurance and we are delighted to be entering the US market with this investment in Roost,” said Aviva Ventures managing director Ben Luckett.

“Roost has great technology and a strong team. In the UK, we have been offering Roost Smart Batteries to our home insurance customers and I am excited about how this investment supports our ambition to empower our customers to prevent bad things from happening, rather than fixing it when something goes wrong.”

Roel Peeters, co-founder and chief executive of Roost, which originally started out life via Kickstarter crowdfunding, said: "The new funding will be used to continue our product development efforts as well as expand new product services for our insurance partners.”

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Roost's primary route to market is via insurance policyholders.

Aviva has previously backed Neos, a connected home insurance startup from the UK, property startup Opun, and another home tech firm, Cocoon.

It has also backed five startups with Founders Factory in areas such as artificial intelligence and blockchain in its bid to become a fintech company itself

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