Democratic megadonor and venture capitalist Alan Patricof told CNBC on Friday he's sticking with former Vice President Joe Biden's presidential campaign despite former New York Mayor Mike Bloomberg's late entry into the race.

"We all love Mike in New York," said Patricof, founder and managing director of Greycroft. "If Mike had come out earlier this year, I'm sure a lot of people on Wall Street would have been very supportive."

Founder of his eponymous media empire and a former Republican, billionaire Bloomberg joined the packed Democratic presidential race in late November. He came out of the gate with a massive TV and digital advertising blitz, focusing on the Super Tuesday states in March as he skips the early contests in Iowa, New Hampshire and elsewhere.

Bloomberg, who served three terms as mayor, is one of the world's richest people, with an estimated net worth over $55 billion. The Democratic race has been engulfed in an ideological fight for the hearts and minds of the party, with far-left Sens. Elizabeth Warren and Bernie Sanders proposing wealth taxes and Biden, Bloomberg and South Bend Mayor Peter Buttigieg more in the center.

"The question is, has he come out too late?" Patricof asked rhetorically in a "Squawk Box" interview. "I have nothing negative to say about Mike Bloomberg at all," he added. "It's just too late for him to be the best candidate."

Addressing the fact that Biden does not have as much money as Bloomberg and others in the race, Patricof said the former vice president has stayed atop the national polling and is "getting the most bang for his buck."

Biden continued to lead in the latest national polls, according to data from RealClearPolitics, with 28.5% support. Sanders and Warren follow with 17.8% and 15.3%, respectively. Buttigieg is in fourth with 9%. Bloomberg is in fifth place with 5.5% support.

Patricof has made big bets on presidential candidates before, bundling at least $100,000 for Hillary Clinton's unsuccessful 2016 presidential bid, and helped power the Democrats take back the House of Representatives in the 2018 midterm elections.

"I'm sticking with Joe Biden. That's who I started with and I do think he has the best chance of winning," Patricof told CNBC on Friday.