The size of the fund will be $10 million (coming from Accel and Founders Fund) with anywhere between $25 to $250 thousand in grants available for each selected startup dedicated to developing Facebook applications. Founders Fund and Accel will get the right of first refusal for the first round of financing of any company in the fund.
Peter Thiel of Founders Fund and Jim Breyer of Accel will be involved in the fund. Josh Kopelman of First Round Capital, founder of LinkedIn Reid Hoffman, Rajeev Motwani of Google, and Mark Zuckerberg himself will be on fbFund’s board of advisors. Chamath Palihapitiya, VP of Product Marketing and Operations of Facebook, will be handling fbFund internally for Facebook.
Zuckerberg’s announcement comes two months after Bay Partners decided
to earmark millions of dollars for investment in Facebook applications. Bay
Partners’ prospects will certainly be diminished as the result of Facebook’s
move to fund applications built on its own platform.
"To make sure that everyone understands the conditions of submitting a grant application, we will not review any materials you have sent via email, and any materials you may have sent have been deleted," the copy-pasted e-mail read. It's apparently to ensure that applicants know that the company "can't promise that any materials or information (they) submit here will be kept confidential, or specifically that (Facebook) or others might not develop similar or identical products or services."
Attention Facebook Developers!
On July 4, 2007, Altura Ventures announced the Altura 1 Facebook Investment Fund becoming the world's first Facebook-only venture capital firm. The fund is focused exclusively on the Facebook social operating system, the F8 development platform, the growing number of facebook applications and the developers, advertisers and users that are participating in the Facebook eco-system.
I wanted to take this opportunity to announce The Kleiner Perkins Facebook Applications Fund (KPCBFBAF) which recently closed on $150 million of capital. I’ve recruited Chamath Palihapitiy, Facebook’s VP Marketing and Operations as well as Gideon Yu, Facebook’s CFO to our Investment Board. The Fund, whose primary limited partner is Harvard University, will be dedicated to investing in applications developed for Facebook. We’ll be looking to invest sizable amounts of capital into each company from $2 million to $5 million over the life of the company.
the CRV QuickStart Seed Funding Program.
CRV QuickStart provides select entrepreneurs with a loan to fund the work needed to build out your idea, enabling you to explore its potential in its earliest stage before you raise a round of formal equity financing. By offering up to $250,000 in the form of a loan (also referred to as a “convertible note”), we’re providing the capital to fuel ideas without that painful seed-stage dilution.
Meet the Next Billionaires
Calling all geeks! Do you have a hot idea for a start-up? If so, this boot camp where Silicon Valley meets 'American Idol' is for you. That is, if you make the cut. By Steven Levy Newsweek Web Exclusive
It's dramatically cheaper to start a company now than it was in the dot-com boom, and possible to build a substantial operation before requiring venture capital or achieving that liquidity event. (To pay salaries and costs during that time, one can get "angel funding"—less money than a VC firm pays, but in exchange for less equity.) Software tools, which used to cost hundreds of thousands, are now largely free. A wide variety of tasks can be outsourced cheaply. Computers, servers, bandwidth and storage cost a fraction of what they did a decade ago. And there's no need for a marketing budget when you've got Internet word of mouth.