Steve Bernandez, a former Avanta Ventures partner, will target worktech startups as the first member of UKG Ventures' investment team.
Workforce management software provider UKG has hired corporate venture capital veteran Steve Bernardez as the first investor for its strategic venture arm, UKG Ventures.
The company launched UKG Ventures in October last year to back growth-stage developers of technologies with the potential to make work more productive, efficient and flexible.
UKG is bringing Bernardez onboard as a partner. He recently held the same position at Pegasus Tech Ventures, a VC firm that also runs funds for more than a dozen corporate partners including ecommerce company Japanet, which recently expanded their joint fund to $200m.
Bernardez had previously spent five years as a partner at insurance firm CSAA’s CVC arm, Avanta Ventures. Earlier roles included a stint as director of business development for Microsoft, where he helped establish relationships with Silicon Valley-based venture firms.
Bernardez will help expand UKG Ventures, seeking out AI-equipped series A-stage startups focusing on the future of work in areas like productivity, human resources and workforce management. He will also introduce portfolio companies to UKG’s customers through its product, strategy and partnering teams to organise product integration, pilots and commercial partnerships.
“What drew me to UKG is its clear purpose: helping people get paid, grow, and succeed at work – supported by one of the world’s largest collections of workforce insights and data and an AI-first operating platform,” Bernardez said in a LinkedIn post announcing the move.
“It’s rare to get the chance to help architect a new corporate venture programme with this kind of strategic mandate – and I’m excited to work with UKG’s leadership, the venture community and the startup ecosystem to unlock meaningful innovation for the millions of people who rely on UKG every day.”
UKG Ventures disclosed three investments at launch – AI-powered financial coaching startup Financial Wellness Labs, AI-native international payroll software provider Intermezzo.ai and worktech-focused VC fund Acadian Ventures – but has not revealed any subsequent deals.
