Facebook-Focused Start-Ups Pitch Wares to VCs
About two dozen companies building applications on Facebook went fishing for cash from Silicon Valley investors on Tuesday.
The companies, ranging from music discovery software to mobile virtual worlds, have all received a small amount of funding from Facebook’s fbFund, a $10 million seed fund that Facebook and two of its backers–Accel Partners and Founders Fund–dole out annually. As finalists in the annual program, the startups have spent the past 12 weeks camped out in an old Facebook building in downtown Palo Alto, building their products, scribbling ideas on whiteboards and refining their pitches. Facebook fbFund program manager Cat Lee says that the fbFund, which is funded by Accel and Founders, invested more than $800,000 in the latest group.