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WeWork backs New York tech clubhouse Betaworks Studios
Betaworks Studios, the brainchild of New York City seed-stage venture capital fund Betaworks, has amassed the support of WeWork, or The We Company, as they now call themselves.
JLL Spark Ventures and the co-working giant have led co-led a $4.4 million investment in the membership-based co-working club described as a supportive community for builders. Launched in 2018, Betaworks Studios offers entrepreneurs, artists, engineers and creatives a place to work on projects and accumulate a network, similar to a WeWork hub.
Betaworks Ventures, which filed today to raise a $75 million sophomore fund, and BBG Ventures have also participated in the funding for Betaworks Studio, which previously raised a pre-seed round led by BBG.
Founded in 2008 by John Borthwick, Betaworks operates an investment fund, an accelerator and builds companies internally with spinouts including Giphy, Digg and Bit.ly. The idea for Betaworks Studios was to expand its resources and network to the greater entrepreneurial community.
Borthwick brought on Daphne Kwon, the former chief financial officer of Goop, to run the studio arm, which charges $2400 per year or $225 per month.
Betaworks says its studio has hosted some 9,000 people for meetings and speaking events. It currently has only one club location in New York City’s Meatpacking District but plans to open additional studios with the fresh cash.
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Adtech company BuySellAds acquires Digg
It looks like Digg has found a new home: digital advertising company BuySellAds.
While neither company has put out an official announcement, BuySellAds CEO Todd Garland confirmed the acquisition to Fast Company, and a company spokesperson told me, “It’s true.”
Fast Company also reports that Digg’s technology team was not part of the deal.
Garland seems very aware that Digg readers may be skeptical about a company called BuySellAds, but he said, “Don’t pay attention to the name, people.” He also said, “Our plan with Digg is to not screw it up.”
The news aggregator was founded in 2004, then acquired by startup studio Betaworks in 2012. It took on additional funding from Gannett a couple of years ago.
Now it seems that last month’s shut down of Digg Reader was a sign that there were changes in the works.
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Digg Raises $4M Series A From Betaworks Backer Digital Garage
More interesting developments for Digg, the Internet curation site founded way back in 2004 that was acquired and relaunched by Betaworks in 2012. The site has announced a “Series A” of $4 million, and it has named its COO Gary Liu as new CEO, effective immediately. This is essentially Digg’s second Series A — the company in its previously independent state had… Read More
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