Betaworks’ third fund closes at $66M to invest in early-stage AI startups

New York City -based betores has shut down its $ 66 million funds, which will focus on investment in AI companies in the early stages.

Betaworks has been investing in AI since at least 20 2016 and supported companies such as Huzingfes and Granola through its investment program camp. Jordan Cruk, a firm partner (and former TechCrunch employee), says the new fund agent, Native AI interface and application-level will focus on AI.

“All around these themes, we will invest straight seeds and continue the Bitouckers camps,” said Cruk.

The third fund will want to invest at least 50 as part of the Betwekers Camps program, in addition to investing at least 25 pre-marks for seed investment. “Still, we made about 37 agreements,” Cruk said the average check size was about $ 500,000.

Cruk called the current fundraising environment “Frooth” and “Spickey” for funds, but he mentioned that many of the previously limited partners of the third funding firm returned to investment.

“The initiative was challenging in 2021, and we were encouraging our funds, we were not exempted,” he said.

Beta Works earlier in 2021 a $ 46 million fund II and I raised a $ 48 million fund in 20 2016. It was launched as a Venture Studio in the 21st, and since then New York City has become the head of the Tech Ecosystem, launching its Betouckers Camps Program in 2016. Other notable investments of the firm include Tumbler and Kickstarter.