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New York City-based Betaworks has closed its $66 million Fund III, focusing on investing in early-stage AI companies. The firm has been investing in AI since 2016, backing companies like Huggingface and Granola through its Camp program. Jordan Crook, a partner at Betaworks, highlighted the fund’s focus on agents, native AI interfaces, and application-layer AI.
Fund III aims to invest in at least 25 pre-seed to seed startups, along with making 50 investments through the Betaworks Camp program. With around 37 deals done so far, Crook mentioned an average check size of $500,000. Despite a challenging fundraising environment in 2024, Fund III saw many previous limited partners returning to invest.
Betaworks, known for investments in Tumblr and Kickstarter, previously raised Fund II in 2020 and Fund I in 2016. Established in 2008 as a venture studio, Betaworks has become a key player in the NYC tech scene. Stay tuned as tech and VC heavyweights join the Disrupt 2025 agenda for more exciting developments.
