The insurer told Mortgage Solutions it will use the insight to drive digital innovation and transformation across the business and help decide which property firms to invest in.
GrowthEnabler was founded in 2015 by Aftab Malhotra and Rajeev Banduni and aims to identify the most innovative and valuable start-ups and digital solutions for large corporates to engage with.
This can be through acquisition, joint venture or other forms of commercial partnership.
Build on technology investments
Legal & General said it would gain access to more than 500,000 start-ups and digital solutions across the world rated by five criteria.
L&G group digital strategy and innovation director Martijn Moerbeek said the business was looking to build on its previous investment in start-up technology businesses.
“Legal & General has a strong track record of supporting, investing in and accelerating the progress of fast-growth start-ups – from CareSourcer to Buddies to SalaryFinance,” he said.
“Our philosophy of patient capital and partnering for the long-term is perfectly suited to the start-up environment, where businesses need to know that their funding and commercial partners are stable and available.”
Digital transformation
The GrowthEnabler platform will use machine-learning and search algorithms to identify relevant digital start-ups for Legal & General to invest in.
L&G said that as part of the partnership it will also be actively supporting GrowthEnabler in its mission to give global start-ups a more visible platform through greater exposure to corporate leaders.
GrowthEnabler co-founder Malhotra added that the firm was pleased to be part of L&G’s digital transformation.
“Our Artificial Intelligence (AI) technology, scoring algorithms and team collaboration tools will enable Legal & General to quickly discover new digital start-ups and solutions relevant to their business priorities and challenges,” he said.
