The parent company of Bloomberg News will start its own venture capital firm to invest in start-ups, including some companies that its technology reporters write about, Nicole Perlroth reports in The New York Times.
Bloomberg L.P., the parent of Bloomberg News, is forming Bloomberg Beta, a $75 million venture capital fund, which has already begun using Bloomberg L.P.?s money to place bets on young start-ups like Codecademy, a Web site that provides online coding tutorials, and Newsle, a Web service that alerts users to news about friends.
It is not the first time that Bloomberg L.P. has put its money in technology companies. It is a limited partner in Andreessen Horowitz, a venture capital firm with investments in technology companies like Facebook and Twitter. And until shutting it down recently, Bloomberg also ran its own incubator, Bloomberg Ventures, which helped build new businesses that could later be folded into Bloomberg products.
But Bloomberg Beta is the first time Bloomberg L.P. will make direct investments in some of the technology companies that its news operation covers.
Bloomberg Beta?s managing partners say they will operate as a separate legal entity from their parent company, which is Bloomberg Beta?s sole investor. The unit will be based out of Bloomberg?s offices in San Francisco, where many of its technology reporters are also based.
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