Palo Alto, Calif. - Online social network Facebook has announced that several of its investors have created a $10 million "fbFund," which will be used to provide grants to Facebook application developers.

Venture capital firms Accel Capital and The Founders Fund will provide grants of between $25,000 and $250,000 to Facebook application developers.

The firms will not require an equity stake in return, and developers are free to seek other outside venture financing.

Since launching its application platform in May, Facebook said that hundreds of companies and groups have created more than 4,000 applications for Facebook users, many of which can also be migrated to other sites.

Related Links:
http://news.yahoo.com/s/nm/20070918/tc_nm/facebook_funding_dc_1

http://www.facebook.com/press/releases.php?p=1319

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