What is "betaworks"

Betaworks is an American startup studio and seed stage venture capital company based in New York City that invests in network-focused, consumer-facing media businesses.

Its hybrid investor/builder model has led to both investments in fast-growing startups like Tumblr, Airbnb, Groupon and Twitter as well as more exclusive stakes in internally built startups such as Chartbeat, Bitly and SocialFlow. Betaworks was founded in 2007 by John Borthwick and Andy Weissman.