Bloomberg LP announces new technology focused fund
In an announcement, Bloomberg LP unveiled Bloomberg Beta, the US$75 million venture fund that would focus on providing financial investments in early stage technology firms and start up ventures.
Bloomberg Beta is set up as a true fund, investing for the purpose of creating financial returns. It would be selecting candidates for investments independently of Bloomberg LP. According to Daniel Doctoroff, CEO and President of Bloomberg LP, "Bloomberg Beta is a natural extension of the entrepreneurial spirit and culture of Bloomberg. We're guided by the belief that the best investors are entrepreneurs and the best entrepreneurs are investors. Through Beta, we get to back and build breakthrough companies in the areas we care about, and entrepreneurs get an investor whose interest is fully aligned with theirs."
The focus areas would be in data and technology platforms, content discovery and media distribution. It also would focus on commpanies that improve the work experience for the individual, such as networks, human-computer interaction and organizational modelling. Amongst its first investment companies are Newsle, MkII, Nodejitsu, Codeacademy, Errplane and ProsperWorks.