Facebook commits to $250 million social app fund
Facebook has offered its support for a $250 million fund for entrepreneurs inventing social apps and services.


Facebook is among a number of tech firms that have committed to invest in a fund for entrepreneurs inventing social applications and services.
The new $250 million (159 million) sFund has been set up by Kleiner Perkins Caufield & Byers (KPCB) and will provide financing, advice and relationship capital for innovators in the social web sphere.
Amazon and game developer Zynga, which recently had a lawsuit launched against it by a Facebook user, have also agreed to invest in the fund.
Mark Zuckerberg, Facebook's chief executive (CEO), has given his own backing to the project, claiming the internet "is being rebuilt around people."
"We're at a point where any app, website or device can be designed to be social from the ground up. We're focused on enabling entrepreneurs to build companies that can disrupt their industries," Zuckerburg added.
His social networking giant will contribute access to its platform teams, beta APIs and new programs, such as Facebook Credits.
KPCB partner Bing Gordon, former chief creative officer and executive at Electronic Arts and board director of Amazon.com and Zynga, will lead the project.
Get the ITPro daily newsletter
Sign up today and you will receive a free copy of our Future Focus 2025 report - the leading guidance on AI, cybersecurity and other IT challenges as per 700+ senior executives
"Social is just getting started and the opportunities are vast. As in the early days of the internet, the race is on," Gordon said.
"Today every business, organisation and entrepreneur should have a social strategy."
KPCB partner John Doerr added: "We're at the beginning of a new era for social internet innovators who are re-imagining and re-inventing a web of people and places, looking beyond documents and websites."
"There's never been a better time than now to start a new social venture."
Tom Brewster is currently an associate editor at Forbes and an award-winning journalist who covers cyber security, surveillance, and privacy. Starting his career at ITPro as a staff writer and working up to a senior staff writer role, Tom has been covering the tech industry for more than ten years and is considered one of the leading journalists in his specialism.
He is a proud alum of the University of Sheffield where he secured an undergraduate degree in English Literature before undertaking a certification from General Assembly in web development.
-
Ransomware attacks are rising — but quiet payouts could mean there's more than actually reported
News Ransomware attacks continue to climb, but they may be even higher than official figures show as companies choose to quietly pay to make such incidents go away.
By Nicole Kobie
-
Google tells some remote workers to return to the office or risk losing jobs
News Google has warned remote workers will need to return to the office or else lose their jobs, according to reports.
By Ross Kelly
-
AWS goes all in on AI agents with new features for Bedrock and Amazon Q
News Agentic customizability is coming to Bedrock and the Amazon Q developer assistant
By George Fitzmaurice
-
Amazon’s $4 billion investment in Anthropic faces UK competition probe – here’s what it means
News The CMA investigation into the Anthropic investment is the latest in a slew of probes by the competition regulator
By Emma Woollacott
-
Hyperscaler AI spending is getting out of control — and Microsoft says it could take 15 years for it to make good on investments
News Tech giants' results show billions being poured into AI infrastructure, but big leaps in revenue remain elusive
By Nicole Kobie
-
ChatGPT could be facing some serious competition: Amazon is reportedly working on a new AI tool, ‘Metis’, to challenge the chatbot’s dominance
News Amazon could be preparing to mount a serious challenge on ChatGPT’s dominance with the launch of a new chatbot service
By Ross Kelly
-
Microsoft, Amazon, Meta, and Google just promised to halt AI development if models are too dangerous — but will they stick to their promise?
News Promises on AI safety will only go so far, experts argue, prompting renewed calls for stronger legislation
By Steve Ranger
-
CMA probe into big tech AI deals sparks concerns over industry confidence
News The watchdog wants to examine whether the deals fall within UK merger rules or raise competition concerns
By Emma Woollacott
-
The 5 generative AI investment winners of 2023
News Generative AI investment deals skyrocketed in 2023, with major industry players backing emerging startups
By George Fitzmaurice
-
AWS re:Invent: All the big updates from the rapid fire day-two keynote
Analysis AWS re:Invent has had no shortage of talking points so far
By Ross Kelly