Facebook, Amazon. com, Comcast and some other leading technology firms had jointly contributed $250 million which is to be invested in startups for capitalizing the growing popularity of the social networking.
The fund is being named as "S Fund" led by Kleiner Perkins Caufield & Byers of Silicon valley.
According to John Doerr, Kleiner Perkins partner, the Facebook success, which is having more than 500 million members throughout the world, is just the start of "incredible and disruptive innovation," wave. So the investors are interested in finding and accelerating the growth rates of such types of social networkings.
Facebook, e-commerce giant Amazon, Comcast Corp.: cable TV and broadband service provider, Zynga Games Network Inc, leader in social games; Liberty Media Corp a leading communications and entertainment giant and investment bank Allen & Co. LLC. are the six initial investors.
Mark Zuckerberg, chief executive of Facebook; Jeff Bezos, Amazon chief executive; Zynga chief executive Mark Pincus; Bing Gordon, Kleiner Perkins patner will be leading the fund.
Bezos said, "These social apps do tend to be very viral, and when they hit, they hit fast and they can grow violently," and added that "That really does play to the strengths of Amazon Web Services."
CafeBots Inc., a Palo Alto stratup which is working on a "friend relationship management" for the effective use of social networks by the consumers is the first to get funds worth $5 million.
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