Facebook App Fund Renamed

Jun 02, 2009

Facebook announced that its app funding program—fbFund—has been renamed and will have new terms for its participants. Named fbFUND REV, the program is a startup incubator. According to reports, those who participate will get $25,000 and ten weeks of coaching at Facebook’s headquarters, and the fund will take between a one and five percent equity stake in each one. Also, the investments will be made as convertible notes, and the fund will get a discount on future priced rounds. Founders Accel Partners are running the program. Eighteen new app developers and 2 non-profits will participate in the first fbFUND REV session.