Incubator Betaworks raises $20M
Betaworks, the New York-based startup incubator and early-stage investor, has raised $20 million in a second round of funding.
The firm, which focuses on real-time web startups, was founded by former AOL executives John Borthwick and Andrew Weisman. Betaworks has made 24 investments so far, taking a big stake in five companies — Bit.ly, Chartbeat, Tweetdeck, Twitterfeed, and a stealth startup — according to GigaOm. Although the firm is commonly known as an incubator, Borthwick reportedly prefers to compare it to a holding company like InterActiveCorp.
The new round was led by Intel Capital (Betaworks’ first Bay Area investor) and past backer RRE Ventures, with participation from Softbank, Founders Collective, DFJ Growth, AOL Ventures and the New York Times. Betaworks previously raised $8 million.
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