US-based venture capital firm Bloomberg Beta closed its second fund at $75m yesterday, securing the funding by its sponsor and sole limited partner, media group Bloomberg.
Bloomberg Beta’s target space is “the future of work,” and it is especially interested in machine intelligence. It runs offices in San Francisco and New York and in contrast to many other corporate venturing units, it operates as a pure-profit fund rather than a strategic investor.
Bloomberg Beta closed its first fund, also sized at $75m, in 2013 and its portfolio includes international logistics platform Flexport, financial planning software developer Aviso and satellite data analysis provider Orbital Insight.
The firm has exited cloud computing company Nodejitsu through an acquisition by domain name issuer GoDaddy and social network activity tracker Newsle through a purchase by social media platform LinkedIn.
Roy Bahat, head of Bloomberg Beta, said: “Bloomberg was one of the original technology startups when Michael Bloomberg founded the company in 1981, and we try to carry that spirit in Bloomberg Beta.
“In our first fund, Bloomberg supported us in creating a different kind of venture fund. We built Bloomberg Beta to treat our founders like we treat Bloomberg’s customers, with great care, trust, transparency and a service driven by data. The revolutionary plan for our second fund is to just keep on doing exactly what we’ve been doing.”