Bloomberg Announces $22 Million Technology Fund

The public-private partnership is designed to foster growth in New York's technology sector.

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In an effort to solidify New York's standing as a top destination for technology entrepreneurs, Mayor Michael Bloomberg this week announced a $22 million private-equity partnership designed to provide funding to local companies.

The NYC Entrepreneurial Fund's first move will be a $300,000 investment in MyCityWay, a mobile phone application developer, Bloomberg announced at Tuesday's TechCrunch Disrupt conference. Under the partnership, the city will kick in $3 million and FirstMark Capital, a private equity firm, will contribute up to $19 million.

During his speech, Bloomberg cited New York's strength as a technology hub, noting that city's venture capital funding jumped 19 percent last quarter, while Silicon Valley and the rest of the nation saw decreases.

"We have a lot of business to give out," Bloomberg said of New York's $64 billion budget. "While I don't know who's going to create the next big thing in technology, we do know where Bloomberg LP or the next Twitter product needs to be headquartered. And that is here."

Tags: Bloomberg, capital, entrepreneurs, funding, investment, New York, News, Silicon Valley, startup, TechCrunch, technology, venture capital

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