ADP Launches ADP Ventures to Drive Innovation in the HCM Space and Beyond

ADP, a global technology company specializing in human capital management (HCM) solutions, has announced the launch of ADP Ventures, its corporate venture capital arm and innovation lab. The primary objective of ADP Ventures is to enhance and strengthen ADP’s core business, expand into new adjacent segments and geographies, and develop new assets to monetize markets beyond HCM.

Maria Black, the President and CEO of ADP, expressed the company’s mission to empower businesses and their employees. ADP Ventures will enable ADP to invest further and provide clients with unparalleled support throughout their HCM journey, from hiring to retirement, and everything in between, inspiring individuals to reach their full potential.

As part of its strategy, ADP Ventures will invest in and partner with early-stage and scaling tech startups that align with ADP’s innovation strategy. ADP Ventures has already made investments in SemperVirens Venture Capital, a leading early-stage venture capital fund focused on technology transforming work, health, and financial wellness.

Sreeni Kutam, President of Global Product and Innovation at ADP, emphasized ADP Ventures’ commitment to investing in the total human experience. The focus will be on technology that empowers people at work and beyond, including collaboration, health and wellbeing, talent acquisition, financial wellness, and HCM analytics.

ADP Ventures aims to concentrate on early-stage strategic investments with co-investors and will target a select group of the most innovative new companies. Recently, ADP completed investments in two startups: Cocoon, a leave management software provider that automates compliance, claims, and payroll calculations to improve the employee leave experience, and Fringe, a marketplace of services offering lifestyle benefit stipends, wellbeing programs, rewards and recognition, and peer-to-peer gifting.

Usman Khan, Senior Vice President of Ventures at ADP, highlighted ADP’s commitment to innovating and partnering to shape the future of the HCM industry. With its extensive product stack, global market footprint, brand, and partnership expertise, ADP can work with and scale new companies. By actively partnering with the startups they invest in, ADP can accelerate their growth and impact on the human experience by providing access to customers, platforms, proprietary data, subject matter experts, and a broader community.

The partnership with SemperVirens also grants ADP Ventures direct access to the firm’s executive advisory board, consisting of over 140 experts who can provide guidance to founders on scaling their products, sales strategies, and key partnerships.

The ADP Ventures investment team will be available for meetings with interested startups at HR Tech 2023 in Las Vegas. For more information, visit adp.com/ventures.

About ADP:
ADP is a leading global technology company that designs better ways to work through cutting-edge products, premium services, and exceptional experiences. Their offerings include HR, Talent, Time Management, Benefits, and Payroll solutions, all informed by data and designed for people. Learn more at ADP.com.

About SemperVirens:
Founded in 2018, SemperVirens is an early-stage ecosystem fund that invests in workforce technology, healthcare technology, and financial technology companies selling to and through employers. With deep industry experience, relationships, and insights, SemperVirens aims to support the growth of innovative startups. For more information, visit www.sempervirensvc.com.

About Fringe:
Fringe is the world’s first wellbeing marketplace, offering global solutions for lifestyle spending accounts, rewards and recognition, wellbeing programs, and flexible benefit programs. With over 150 services and experiences available, Fringe allows employees to create personalized benefits packages that cater to their unique needs. For more information, visit www.fringe.us.

About Cocoon:
Cocoon is a leave management software that simplifies the process of managing employee leave. By automating compliance, claims, and payroll calculations, Cocoon supports employees through significant life events such as having a baby, caring for a loved one, or dealing with personal health issues. Founded in 2020, Cocoon is backed by prominent technology investors and aims to provide a seamless and intuitive experience for HR teams and employees alike. For more information, visit www.cocoon.com.