Palo Alto, Calif. – Facebook said that it currently has no
plans to continue its fbFund, its three-year-old program with Accel Partners
and Founders Fund that provided seed funding and guidance to application
developers, according to the blog Inside Facebook.
"At this time we have
no plans for future iterations of the program," a company spokesperson
told the blog.
Last year, the program awarded 20 developers around $25,000 each
and enrolled them in a 10-week incubation program in Palo Alto, Calif. In return,
Facebook took a 5% stake in each venture.
Dave McClure, an angel investor who
last year ran the fbFund program, recently launched his own fund, called 500
Startups.
Related Links:
http://tinyurl.com/2bmdyk5
(Inside Facebook)
