Betaworks has raised $66 million for Fund III, targeting early-stage AI companies. The firm, active in AI investments since 2016, has backed notable companies like Huggingface and Granola. Fund III aims to invest in a minimum of 25 pre-seed to seed investments, alongside 50 investments through the Betaworks Camps program. The average check size is around $500,000. Despite a challenging fundraising environment in 2024, many previous limited partners returned to support the new fund, as noted by partner Jordan Crook.
"Around these themes, we will continue to do straight seed investing and the Betaworks Camps," Crook said.
"Thus far, we've done around 37 deals," Crook said, adding that the average check size was around $500,000.
Crook called the current fundraising environment 'frothy' for startups, and 'spiky' for funds, but she noted that Fund III saw many of the firm's previous limited partners returning to invest.
"The fundraising environment in venture was challenging in 2024, and we weren't exempt, given that we were upsizing our fund," she said.
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