Facebook is staffing up to launch a 'multimillion dollar' VC fund to invest in startups

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Facebook is staffing up to launch a 'multimillion dollar' VC fund to invest in startups
Facebook CEO Zuckerberg testifies at House Financial Services Committee hearing on Capitol Hill in WashingtonReuters
  • Facebook is launching its own venture capital fund to make small investments in tech startups, Axios' Ina Fried and Kia Kokalitcheva reported.
  • The social network has already hired at least one veteran investor to run the new team and dedicated millions of dollars to the project, which will operate as a part of Facebook's experimental apps team.
  • Investing early in new apps could help Facebook avoid further anti-trust scrutiny. The tech giant is already being investigated for anti-trust violations by 47 attorneys general CNN's Brian Fung reported in October.
  • In 2020 so far, Facebook has already acquired GIF-maker GIPHY, Spanish gaming startup PlayGiga, computer vision startup Scape Technologies, and virtual reality games studio Sanzaru Games as a part of an aggressive growth strategy, Business Insider's Rob Price reported.
  • Intel, Microsoft, Google, and Qualcomm all operate internal venture funds similar to the one Facebook is launching to help them stay on top of trends in their fields, according to Axios.
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