TASC launches venture capital arm

Madison-based Total Administrative Services Corp. has formed a venture capital arm called TASC Ventures, according to a report in Xconomy.

TASC, a third-party employee benefits administrator, will use the fund to invest in software startups that develop technology used in human resources, insurance, and financial services.

The report says Jed White, formerly of Nerites, a Madison-based biomaterials company, will manage TASC Ventures. The firm plans to make about eight to 12 investments in seed-stage companies by 2022.

TASC joins American Family Insurance, CUNA Mutual Group, and Northwestern Mutual as Wisconsin corporations that have created internal venture groups.