Facebook Announces fbFund - $10 million in capital
Written by Facebook
Saturday, 03 November 2007
FbFund is a fund
focused on continuing to create incentives for the development of
applications on Facebook Platform. Initially, the fund will make
available $10 million in capital which may grow over time.
The
fund is now accepting applications for $25,000-$250,000 non-recourse
grants from anyone interested in building their business on Facebook
Platform. Any individual or company, anywhere in the world can apply as
long as they have not raised any formal venture funding.
We are
forming this fund to help grow the Facebook application ecosystem. By
decreasing the barrier to start a company, we hope to entice an even
larger group of people to become entrepreneurs and build a compelling
business on Facebook Platform. We hope this is also a funding model
that other venture capitalists will follow.
fbFund will be
administered by Facebook and funded by Accel Partners and The Founders
Fund. The investment committee will be comprised of Mark Zuckerberg,
Facebook founder and CEO, and Chamath Palihapitiya, Facebook vice
president of product marketing and operations. Facebook board members
Jim Breyer (Accel Partners) and Peter Thiel (The Founders Fund) will
also be part of the committee. Additionally, the fund will rely upon an
advisory council that includes Reid Hoffman, founder and chairman of
LinkedIn; Josh Kopelman, founder of First Round Capital; and Rajeev
Motwani, professor of computer science at Stanford University and early
advisor to Google.
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