Facebook Announces fbFund

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.

Please submit your application at http://www.facebook.com/developers/fbfund.php.