Bloomberg Announces $22 Million Technology Fund

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."