US-based venture capital firm Bloomberg Beta has closed its third fund at $75m, again capitalised solely by media group Bloomberg, the firm’s partner Roy Bahat told TechCrunch on Friday.
Bloomberg Beta launched in 2013 with a $75m first fund to invest in companies broadly focused on the future of work. Its creation followed the departure of the team at Bloomberg Ventures, the corporate’s incubator subsidiary.
The firm doubled its capital under management in 2016 by establishing a $75m second fund, with the capital again coming from Bloomberg.
Bharat has run the fund together with partners Karin Klein and James Cham since its inception. Shivon Zillis, the only partner to have joined from Bloomberg Ventures, departed in February 2018.
Bloomberg Beta typically invests between $500,000 and $1m in early-stage companies, targeting stakes sized at approximately 10%. While its definition of the future of work is broad, the firm will not invest in financial technology developers as it is “too close to home” for Bloomberg, Bahat told TechCrunch.
The firm’s recent investments include email authentication technology provider Valimail, which raised $45m in a June 2019 series C round, and asset data platform developer Everledger, which closed its $20m series A round last month.
Other portfolio companies include finance management software producer AppZen, security robot developer Cobalt Robotics, risk intelligence software provider Flashpoint and intelligent drone developer Shield AI. Its exits include micro-app portal developer Sapho, acquired for $200m in November 2018.