- What is fbFund?
- fbFund is a fund focused on continuing to
create incentives for the development of
social and engaging experiences with Facebook
Connect.
- What is the total investment in the fund?
- Initially, the fund will make available $10
million in capital. This may grow over time.
- What companies are involved?
- fbFund is administered by Facebook and funded
by Accel Partners and The Founders Fund.
- Who is participating in fbFund?
- 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 the Facebook Platform product
marketing team and 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.
- Why was fbFund formed?
- This fund was formed 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.
- How will you decide on investments?
- The ideal team for us to fund has a lot of
technical depth and passion for Facebook. We
care more about how smart you are than how old
you are, and more about the quality of your
ideas and ability to execute than on your
formal business plan. For more, please review
our selection criteria.
- How does an individual or company apply?
- Use the application form.
- How many teams have been funded?
- As of 12/15/08, we have funded these applications.
- Can I submit more than one application?
- Yes, but we suggest focusing on quality over
quantity.