Facebook, Amazon and Zynga will invest in a fund to help entrepreneurs develop applications and services for a new era of the social web. The lion's share of the sFund's $250m (£160m) will come from venture capital firm Kleiner Perkins Caufield & Byers.Details were announced at an event at Facebook's California headquarters.
"There's going to be an opportunity over the next five years or so to pick any industry and rethink it in a social way," said Facebook's Mark Zuckerberg. "We think that every industry is going to be fundamentally re-thought and designed around people."
That was a view backed by KPCB partner John Doerr, best known for investing in Amazon, Google and Netscape.
"These social networks are going to go from a half a billion people to billions of people connected on the planet and so represents an extraordinarily exciting time on the internet," he told BBC News. "Think of it as a quarter-billion-dollar party. The third great wave of the internet is mobile and social together. It's going to be tectonic," added Mr Doerr.
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