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Acadian Ventures, based in New York, has secured $30 million for its second venture capital fund, focusing on future work technologies. This second fund saw an overwhelming response, surpassing its initial capital goals.
Backed by ServiceNow Ventures and Connecticut Innovations, the fund also attracted investments from a wide variety of sources, including other venture capital firms, family offices, high-net-worth individuals, and contributors from the firm’s initial fund. Acadian Ventures Fund II, nearly three times larger than its first fund, has already invested in 12 companies.
Acadian focuses on supporting the next wave of work technologies, zeroing in on four main areas: intelligent work applications (AI), work infrastructure (data and APIs), new regulatory and compliance solutions, and the global workforce. These areas are poised to introduce groundbreaking ways to manage work, create new market categories, and challenge established industry leaders.
ServiceNow’s senior vice president of corporate business development, Philip Kirk, expressed enthusiasm about partnering with Acadian Ventures. He highlighted the firm’s strategy to enhance human potential, which aligns with ServiceNow Ventures’ goal of promoting innovation in companies at the forefront of digital transformation.
Research firm Pitchbook ranks Acadian Ventures Fund I among the top decile funds. Notable investments from this first fund include Oyster, Nomi Health, SmartRecruiters, and Techwolf.
Established in 2019, Acadian Ventures is led by general partners Jason Corsello and Thomas Otter, both seasoned industry professionals. The firm is known for its operator-centric approach and a robust network of executives from successful companies like Salesforce, Workday, SAP, Oracle, ADP, Ceridian, and Cornerstone OnDemand.
Jason Corsello shared the firm’s ongoing mission to invest in technology-driven companies that simplify, enhance, and boost productivity in the workplace. He expressed excitement about continuing to build a specialized early-stage venture firm at the intersection of technology and work.
In an interview with VentureBeat, Corsello mentioned that the first fund was $12 million and the firm now manages $60 million in assets. Despite the challenging environment for raising venture capital, taking about six months longer than planned, they succeeded in exceeding their $25 million goal. Corsello credited the strong performance of their first fund, which ranked in the top decile according to Pitchbook, with attracting new limited partners to their second fund.
The fund operates with a team of four people.