ADP (NASDAQ: ADP), a Roseland, NJ-based global technology company providing human capital management (HCM) solutions, announced the launch of its corporate venture capital arm and innovation lab, ADP Ventures.
ADP Venture’s mission is to enhance and strengthen ADP’s core business, create offerings in new adjacent segments and geographies, and develop new assets to monetize markets and segments beyond HCM.
As part of its strategy, ADP Ventures will invest in and partner with early-stage and scaling tech startups that advance ADP’s innovation strategy. It intends to focus on early-stage strategic investments with co-investors and will target a small, leading subset of the most innovative new companies. Consistent with this discipline, ADP recently completed investments in two startups this year:
- Cocoon, a leave management software provider that focuses on improving the employee leave experience by automating the most challenging parts of compliance, claims and payroll calculations; and,
- Fringe, a marketplace of services that facilitates a plethora of programs such as lifestyle benefit stipends, wellbeing, rewards and recognition, and peer-to-peer gifting.
ADP Ventures has also invested in SemperVirens Venture Capital, an early-stage venture capital fund that invests in technology transforming work, health and financial wellness. The partnership with SemperVirens also brings direct access to the firm’s executive advisory board, composed of over 140 experts, to advise founders on scaling their products, sales strategies and key partnerships.
FinSMEs
03/10/2023