Influential VC Firm Creates $250M Social Fund
Entrepreneurs who are interested in creating social apps and services may be in luck. This afternoon at Facebook’s Palo Alto headquarters, venture capital firm Kleiner Perkins Caufield & Byers announced the creation of the $250 million sFund Initiative designed to assist some individuals.
Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Zynga’s Mark Pincus, and Comcast’s Brian Roberts were all on hand to lend support (along with John Doerr and Bing Gordon of KPCB), which may be an interesting sign of the sFund Initiative’s importance.
As for some details about the sFund itself, an official statement explained that it "will provide financing, counsel, and relationship capital for a new generation of entrepreneurs to deliver on the promise of the social web."
Otherwise, the sFund will invest outside the United States, and it’s not necessary to be in any way "connected" in order to submit a business plan. Applicants just need to piece together a market overview, technology overview, product description, business model overview, and description of their team.
Then all of the info can simply be emailed to sFund@kpcb.com.
KPCB partner Doerr predicted, "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."