Facebook commits to $250 million social app fund

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.

"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."