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Betaworks Launches $15M Offering with $7.9M - cbl
Posted February 3, 2012
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John Borthwick
By Richard Rabicoff
NEW YORK -- Betaworks Studio, LLC, the developer of and investor in early stage companies, landed new investment itself, initiating a $15 million offering.
The company raised $7.86 million for starters. Betaworks had previously raised about $27.5 million from such investors as RRE Ventures, Intel Capital, DFJ Growth, AOL Ventures, Softbank Capital, and Lerer Ventures.
Named in the current SEC filing were: Founder and CEO John Borthwick; and directors Michael Bucklely, Intel Capital; Paul Cappuccio, New York-based Time Warner; John Drzik, New York-based Oliver Wyman Group; Ken Lerer, New York-based Lerer Ventures; Eric Martineau Fortin; Stuart Ellman, Jim Robinson Iv, and Eric Wiesen, RRE Ventures; and Andrew Weissman, New York-based Union Square Ventures.
Prior to betaworks, Borthwick was Senior Vice President of Alliances and Technology Strategy for Time Warner Inc. His WP-Studio, founded in 1994, was one of the first content studios in New York's Silicon Alley.
Betaworks is a developer of early stage Internet companies, including bitly, Chartbeat and SocialFlow. Betaworks also makes seed-stage investments in the ecosystem of the realtime web. The company is different than a traditional venture capital firm in that it operates as a stock company with shareholders and not a firm with limited partners. betaworks was the original investor in Summize and TweetDeck. Both companies were acquired by Twitter. (The company is now a shareholder in Twitter.) The company often co-invests with NYC-based investors including Union Square Ventures and RRE Ventures as well as Silicon Valley-based SV Angels and Boston-based Spark Capital.
SEC filing:
http://sec.gov/Archives/edgar/data/1444761/00...
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