Amazon, Facebook Help Launch $250 Million Social-Media Fund
Oct 21st 2010 6:37PM
Updated Oct 21st 2010 6:57PM
Amazon.com Inc. (AMZN) and Facebook are among partners in a $250 million fund run by venture-capital firm Kleiner Perkins Caufield & Byers that will support entrepreneurs creating social-media applications and services.
The so-called sFund, which also includes cable giant Comcast Corp. (CMCSA) and social-gaming publisher Zynga will be run by Kleiner Perkins partner Bing Gordon, ex-chief creative officer at Electronics Arts Inc. (ERTS).
"The Web is being rebuilt around people, and 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," Facebook CEO Mark Zuckerberg said in a statement released by Kleiner Perkins.
The participation of Amazon.com, the world's largest online retailer, and Comcast signals how companies outside of social media are looking to benefit from the rapidly social-networking space. Facebook has more than 500 million users, half of whom log onto the site on a daily basis, the company says. Facebook.com last month attracted more than 148 million unique visitors, making it the fourth-largest U.S. site behind Google Inc. (GOOG), Yahoo Inc. (YHOO) and Microsoft Corp. (MSFT) sites, ComScore said in a separate statement Thursday.