Bloomberg launches $75M venture capital fund
Bloomberg Beta will focus on startups that produce insights from data, according to the media outlet.
Media outlet Bloomberg will launch a $75 million venture capital fund to invest in early-stage companies.
The fund, called Bloomberg Beta, is expected to launch Wednesday, according to various media reports, but has already invested in nine companies, including Newsle, Nodejitsu, Codecademy, Errplane, and ProsperWorks, according to VentureBeat.
The independent venture will focus on startups that are "producing insights from data" and "making the experience of work better," according to a news release cited by VentureBeat.
Bloomberg has invested in tech companies before through Bloomberg Ventures, an incubator that helped companies that could be combined with Bloomberg products. However, that effort appears to have been put on ice by the departure of Bloomberg Ventures cofounder Matt Turck, who left in March to become managing director at FirstMark Capital.
Roy Bahat, chairman of video game hardware startup Ouya and former head of IGN Entertainment, will head up the fund in San Francisco. Bahat will be joined by Bloomberg executive Karin Klein and James Cham, who was recently a principal to Trinity Ventures.