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First Betaworks fund is almost ready

Betaworks Ventures is just weeks away on a final close for its debut fund, which is expected to total around $50 million, Axios has learned. An earlier regulatory filing had suggested that the group could raise upwards of $75 million.

This is the first institutional fund for tech studio Betaworks, which previously had invested off its balance sheet (those investments will be folded into the new vehicle). One big difference will be that deals out of the fund, while still seed-focused, will be larger ($250k-$500k vs. $50k-$100k). There is some overlap with existing Betaworks investors, but there will be some Betaworks Ventures LPs that are new to the platform.

Betaworks Ventures has three partners: Matthew Hartman, Peter Rojas and John Borthwick (the Betaworks CEO, who will split his time 50/50 between the fund and the studio). No comment on any of this from Betaworks, due to regulatory restrictions.