When the AI rush hit last year, some corporate venture units were left scrambling to catch up. But for Bloomberg Beta, the venture capital firm funded by media group Bloomberg and led by Roy Bahat, it had already been a key element for many years.
How much of a key element? Visitors to Bloomberg Beta’s website, which is structured as an open-source GitHub manual, can use a chatbot created by startup Dewey Labs to help navigate their way through.
That early interest meant the firm had already invested in startups such as AI chip producer Lambda and AI coding software provider Replit – both of which reached billion-dollar valuations in recent months – at series A stage or earlier. The next unicorn could be Primer.ai, a developer of text analytics software.
Bloomberg Beta, launched by Bahat in 2013, has held on to its claim as the fi rst venture fi rm focused on the future of work
Newer investments include accounts payable automation platform Stampli and Mechanical Orchard, which is working on software that uses generative AI to modernise legacy corporate technology.
They are a sign that Bloomberg Beta, launched by Bahat in 2013, has held on to its claim as the first venture firm focused on the future of work. Over the years, the unit has grown to $375m under management, split across five funds, and collected around 36 exits. It has backed software management platform LaunchDarkly and online education platform MasterClass, which have a combined valuation approaching $6bn, since seed stage.
In addition to his investment work, Bahat stands apart from many VCs. He has spoken out in favour of unions, having founded a business roundtable on the relationship between corporates and organised labour.
A former senior policy director for the mayor of New York who still lectures at University of California, Berkeley’s Haas School of Business, this is Bahat’s ninth appearance on the Powerlist.
The Global Corporate Venturing Powerlist represents the 100
individuals spearheading the future of the corporate venturing industry.
These individuals excel in terms of their venturing approach and structure, number and quality of portfolio companies and in their contributions to the corporate venturing profession.