Acadian Ventures raised $30 million for its second venture capital fund to focus on technologies for the future of work.
The New York-based early-stage venture capital firm said the capital commitments for its second fund were oversubscribed.
Anchored by ServiceNow Ventures and Connecticut Innovations, the fund received additional support from a diverse group of investors, including venture capital firms, family offices, high-net individuals, and contributors from the firm’s first fund. Acadian Ventures Fund II, nearly three times the size of its inaugural fund, has already allocated capital to 12 investments.
The firm specializes in backing the next generation of work technologies. The firm’s current focus revolves around four themes: intelligent work applications (AI), work infrastructure (data and APIs), new regulatory and compliance solutions, and the emerging global workforce. These strategic areas are expected to create big opportunities, introducing novel ways to manage work, formulating new market categories, and disrupting established industry players.
Philip Kirk, senior vice president of corporate business development at ServiceNow, said in a statement, “We are excited to partner with Acadian Ventures to support investment in the next generation of work technologies that are drastically improving the employee experience. The firm’s strategy to focus on maximizing human potential aligns well with our ServiceNow Ventures strategy to foster innovation in companies at the leading edge of digital transformation.”
Acadian Ventures Fund I currently ranked as a top decile fund, according to research firm Pitchbook. Notable investments from the first fund include Oyster, Nomi Health, SmartRecruiters, and Techwolf.
Founded in 2019, Acadian Ventures is led by general partners Jason Corsello and Thomas Otter, both industry veterans with good track records. The firm is renowned for its operator-centric approach, boasting an extensive operating network that includes executives who have played pivotal roles in successful enterprises like Salesforce, Workday, SAP, Oracle, ADP, Ceridian, and Cornerstone OnDemand.
Corsello said in a statement, “Our continued thesis is to invest in companies transforming work by leveraging technology to make people’s working lives simpler, more gratifying, and ultimately more productive. We are thrilled to continue our journey in building the most specialized early-stage venture firm, investing at the intersection of technology and work.”
In response to a query from VentureBeat, Corsello said the firm’s first fund was $12 million and it currently has $60 million in assets under management. Corsello acknowledged it is a tough time to raise venture money with the industry downturn and it took about six months longer than expected.
“We intended to raise $25M but are thankful to be oversubscribed,” Corsello said. “We had strong performance in our first fund that helped build interest in Fund II. Our first fund is in the top decile of performance according the Pitchbook and certainly help get a number of new [limited partners] across the finish line.”
The fund has four people working for it.
