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. 

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