Facebook, Accel and Founders Fund Launch fbFund; To Give Grants To Facebook App Startups
During his keynote conversation with Michael Arrington this afternoon at the TechCrunch40 conference, Facebook founder and CEO Mark Zuckerberg announced that the company will be launching a new entity called fbFund with Accel and Founders Fund. 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.
Source: http://www.techcrunch.com/2007/09/17/facebook-launches-fbfund-with-accel-and-founders-fund-to-invest-in-new-facebook-apps/
|
