Facebook, Amazon launch $250M startup fund

By Associated Press
Posted Oct. 21, 2010 at 3:08 p.m.

Betting that the future of the Web is in social apps and services, venture capital firm Kleiner Perkins Caufield & Byers, along with Amazon, Facebook and Zynga are launching a $250 million fund to help such startups grow.

KPCB partner Bing Gordon, a former executive with Electronic Arts Inc., will head the fund, which the firm unveiled at Facebook’s Palo Alto, Calif., headquarters Thursday.

Called “sFund,” the investment is reminiscent of Kleiner Perkins’ “iFund,” which launched two years ago to help launch applications for Apple’s gadgets.

Kleiner Perkins, a top Silicon Valley venture capital firm, was an early backer of such companies as Google Inc. and Amazon.com Inc.

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