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CGU sets up £20m VC fund for e-insurance firms

By Pia Heikkila

Published: 26 April 2000 00:25 GMT

UK insurance company CGU has created a £20m venture capital fund to back ecommerce businesses relevant to the insurance sector.

The fund will be managed by UK-based venture capital specialist, Quester, and is expected to make between eight and 12 investments in the next ten years.

Simon Acland, director of Quester, said: "Initially, we will invest around £1m and £1.5m per company - with up to £2.5m available per company for follow-on investments."

He added: "We [CGU and Quester] are both experts in our areas - the deal will pool our specialist venture capital skills together with CGU's knowledge in the financial services sector."

The deal continues CGU's recent forays online. Earlier this month, the company began to offer a life insurance policy over the Internet as part of its partnership with Tesco's financial arm.

CGU also owns Internet auction site bluecycle.com.

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