Acadian Ventures Secures $30M for Venture Capital Fund Aiming at Innovations in the Future of Work

Acadian Ventures has successfully raised $30 million for its second venture capital fund, aimed at investing in technologies that enhance the future of work.

Based in New York, this early-stage venture capital firm reported that its second fund attracted oversubscribed capital commitments. The fund, supported by ServiceNow Ventures and Connecticut Innovations, also received backing from a diverse array of investors, including venture capital firms, family offices, high-net-worth individuals, and contributors from the firm’s first fund. Nearly three times the size of its inaugural fund, Acadian Ventures Fund II has already been allocated to 12 investments.

The firm specializes in innovative work technologies, focusing on four key themes: intelligent work applications (AI), work infrastructure (data and APIs), new regulatory and compliance solutions, and the evolving global workforce. These strategic areas present significant opportunities for new market categories and disruptions of established industry players.

Philip Kirk, Senior Vice President of Corporate Business Development at ServiceNow, expressed enthusiasm about the partnership: “We are excited to collaborate with Acadian Ventures to invest in next-generation work technologies that significantly enhance employee experiences. Their commitment to maximizing human potential aligns perfectly with our strategy at ServiceNow Ventures to foster innovation in digital transformation.”

Acadian Ventures Fund I is recognized as a top decile fund, according to 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 seasoned industry veterans with impressive track records. The firm is distinguished by its operator-centric approach and a robust network of executives from successful companies such as Salesforce, Workday, SAP, Oracle, ADP, Ceridian, and Cornerstone OnDemand.

“Our ongoing thesis is to invest in companies revolutionizing work through technology that simplifies and enriches employees' lives, ultimately enhancing productivity,” Corsello stated. “We are excited to continue building a specialized early-stage venture firm at the intersection of technology and work.”

In a media statement, Corsello revealed that the firm’s first fund was $12 million, boasting $60 million in assets under management. Despite acknowledging the challenges of raising venture capital during the current industry downturn, he noted that the process took about six months longer than anticipated.

“We aimed to raise $25 million but are grateful for the oversubscription,” Corsello said. “Strong performance in our first fund generated interest in Fund II, which is ranked in the top decile by Pitchbook, helping us attract new limited partners.”

The fund has a dedicated team of four professionals.