Business Acceleration Platform Company, Betaworks Raises Large Round of Funding
Betaworks is a New York-based incubation company for technology companies. Betaworks has just raised $10-$15 million to invest into several start-ups. Betaworks is led by John Borthwick (former Time Warner exec) and Andy Weissman. Betaworks raised $2 million in funding last year and they spent a majority of that investment on 15 companies. One of those investments was Summize, a Twitter search engine that was acquired by the micro-blogging company.
This new round of funding will allow Betaworks to make larger investments. The average investments will jump from $75,000 to about $150,000 according to AlleyInsider. The investors of the $10-$15 million includes Jean-Marie Messier, Pilot Group, Hank Vigil, Gordon Crovitz, Taavet Hinrikus, Paul Cappuccio, Ken Lerer, Tim Armstrong, and Ron Conway.
Through Twitter’s acquisition of Summize, Betaworks became a shareholder in Twitter. Betaworks is also an investor in Iminlikewithyou.com, Outside.in, Someecards.com, and Songkick.com. Summize was acquired for $15 million.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry