- Bloomberg Beta has closed a third fund of $75 million, which will be overseen by Roy Bahat, Karin Klein, and James Cham.
Bloomberg Beta — a San Francisco based venture firm that utilizes Bloomberg LP’s capital for investing in startups — has closed a third fund of $75 million, according to TechCrunch. Bloomberg Beta head Roy Bahat confirmed the news. Bahat oversees the fund as an equal partnership with Karin Klein and James Cham.
Back when Bloomberg Beta was originally established, former Bloomberg LP CEO and president Dan Doctoroff said that it was a “natural extension of the entrepreneurial spirit and culture of Bloomberg.” Doctoroff now runs Sidewalk Labs, a company formed in partnership with Google to improve life in cities by solving urban problems through the application of technology.
Prior to joining Bloomberg Beta, Bahat led IGN Entertainment for five years, which is an online media company that was owned by News Corporation. Bahat is also best known for being the co-founder and chairman of OUYA between 2012 and 2015 — which was an Android-based game console that was acquired by Razer.
How will the capital for this fund be deployed? Bahat told TechCrunch that the firm will continue writing checks between $500,000 to $1 million initially. And the company is targeting ownership of about 10% in the startups it invests in.
Some of Bloomberg Beta’s previous investments include Slack, MasterClass, CloudApp, Textio, Newfront Insurance, LaunchDarkly, Netlify, Pico, Fiddler Labs, Knotel, AngelList, and Everledger.
