Bloomberg announces $22M fund for tech startups

The New York Post reports:

Mayor Michael Bloomberg is announcing a new fund to help promising technology startups get on their feet.

It's expected to be a $22 million investment fund. The mayor's Economic Development Corporation is putting in $3 million. FirstMark Capital, a New York-based venture capital firm, will contribute up to $19 million more.

Bloomberg said it's the first such city-created fund outside Silicon Valley.

Investing for statists!