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Bloomberg Beta Launches with $75 Million Technology Venture Fund

June 5, 2013

SAN FRANCISCO — Bloomberg L.P. today announced the launch of
Bloomberg Beta, a $75 million venture fund to invest in and
create early-stage technology companies. Bloomberg Beta, in
keeping with Bloomberg L.P.’s longstanding pattern of
entrepreneurialism, is focused on backing and working alongside
exceptional founders. Bloomberg Beta exists to expand Bloomberg
L.P.’s horizons by investing in and creating companies within
Bloomberg’s broad areas of interest.

Set up as a true fund, Bloomberg Beta will invest for financial
return, selecting companies independently of their current or
future business relationship with Bloomberg L.P.

“Bloomberg Beta is a natural extension of the entrepreneurial
spirit and culture of Bloomberg,” said Daniel Doctoroff, CEO and
President of Bloomberg LP. “We’re guided by the belief that the
best investors are entrepreneurs and the best entrepreneurs are
investors. Through Beta, we get to back and build breakthrough
companies in the areas we care about, and entrepreneurs get an
investor whose interest is fully aligned with theirs.”

Bloomberg Beta’s initial focus areas are producing insights from
data (data, technology platforms, content discovery, media
distribution) and making the experience of work better (networks
and communities, human-computer interaction, and radically new
organizational models).

In these areas, Bloomberg Beta’s first announced investments are
Newsle, MkII, Nodejitsu, Codecademy, Errplane and ProsperWorks.

“Bloomberg L.P. is itself a template for startups – first to
succeed in its market, founded on a big idea, with a strong
culture, and guided by its founders for three decades,” said Roy
Bahat, head of Bloomberg Beta. “With Bloomberg Beta we can
nurture the new generation of technology companies built on this
template. We’re entrepreneurs at heart, and we want to invest
and make companies. We’re fortunate to have a patient backer in
Bloomberg L.P., which has seen firsthand the rewards to growing
an extraordinary company over time.”

Led by Roy Bahat, a technology business operator and
entrepreneur, the Bloomberg Beta team is comprised of
experienced company operators and investors:

Roy Bahat in San Francisco, prior to founding Bloomberg Beta,
led IGN Entertainment for five years, an online media company
then owned by News Corporation. He is chairman of OUYA, the
venture-backed hardware startup, and has served on the boards of
Revision3 (through its acquisition by Discovery) and Flixster
(through its purchase by Warner Bros.). Roy teaches media at UC
Berkeley, and is a board member at educational non-profit
CodeNow. He is a graduate of Harvard College and was a Rhodes

Karin Klein in New York heads Bloomberg Beta’s investing
activities on the east coast. She is the former head of new
initiatives at Bloomberg and previously was vice president at
Softbank’s venture fund. At Softbank, Karin sourced and served
on the board of Buddy Media prior to its acquisition by
Salesforce. She also was the co-founder and president of an
educational training business for children. Karin currently
serves on the advisory board of L’Oreal’s Women in Digital and
is a mentor with TechStars, New York City Economic Development
Corporation and several other startup accelerator programs. She
has an M.B.A. from The Wharton School and is a summa cum laude
and Phi Beta Kappa graduate of the Annenberg School of
Communications and The Wharton School of the University of
James Cham in Palo Alto was most recently a principal at Trinity
Ventures where he focused on consumer services, enterprise
software and digital media investments. Previously he was vice
president at Bessemer Venture Partners where he was instrumental
in eight new investments and a number of seed ventures. He has
an M.B.A. from the Massachusetts Institute of Technology and was
an undergraduate in computer science at Harvard College.

About Bloomberg

Bloomberg, the global business and financial information and
news leader, gives influential decision makers a critical edge
by connecting them to a dynamic network of information, people
and ideas. The company’s strength – delivering data, news and
analytics through innovative technology, quickly and accurately
– is at the core of the Bloomberg Professional service, which
provides real time financial information to more than 315,000
subscribers globally. Bloomberg’s enterprise solutions build on
the company’s core strength, leveraging technology to allow
customers to access, integrate, distribute and manage data and
information across organizations more efficiently and
effectively. Through Bloomberg Law, Bloomberg Government,
Bloomberg New Energy Finance and Bloomberg BNA, the company
provides data, news and analytics to decision makers in
industries beyond finance. And Bloomberg News, delivered through
the Bloomberg Professional service, television, radio, mobile,
the Internet and three magazines, Bloomberg Businessweek,
Bloomberg Markets and Bloomberg Pursuits, covers the world with
more than 2,400 news and multimedia professionals at 146 bureaus
in 72 countries. Headquartered in New York, Bloomberg employs
more than 15,000 people in 192 locations around the world.

About Bloomberg Beta

Bloomberg Beta is a $75M fund capitalized by Bloomberg L.P. that
backs and builds breakthroughs. Bloomberg Beta believes the best
investors are entrepreneurs and vice versa. It is focused on
investments in areas broadly of interest to Bloomberg L.P., and
invests purely for financial return. Bloomberg Beta is
headquartered in San Francisco with a presence in New York. For
more information visit

Contact for Bloomberg:
Angela Martin, +1 415-617-7142,