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New York's Betaworks raising USD20M to make more web tools

November 27
9:04 PM 2013

Web service maker Betaworks is raising USD20 million in a new round of funding, the startup confirmed to VentureBeat today.

Betaworks makes useful web services and tools. The company is known form building services including Digg / Digg Reader, Chartbeat, Instapaper, Tweetdeck (which is now owned by Twitter), and Dots. Unlike other startups, Betaworks builds very useful or even highly addictive products and services while making seed investments in other firms, the report said.

According to the company's Chief Executive Officer John Borthwick, the new funding will be used for the growth of Betaworks. Borthwick revealed this round last week. He told VentureBeat that the new funding came from Lerer Ventures, RRE Ventures, White Star Capital, and Intel Capital. Paul Cappuccio, John Drzik, and existing investors also participated in the round, the report stated.

Borthwick also said half of the round was from a note that was converted in August. The other half came from new investors, said the report.

Betaworks was founded in New York in 2008. To date, the startup has raised USD41.8 million in total funding, VentureBeat reported.

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