Facebook Finally Pays Out $2 Million From Its Apps Fund To 25 Developers
This story was written by Rafat Ali.
Probably six months too late, Facebook has finally announced 25 recipients from its $10 million fbFund. The fund was announced a year ago by Facebook, with money from the company, Accel Partners, and the Founders Fund, but its disbursement has been delayed since then.
These 25 recipients each get $25K grants, with no-strings attached (meaning no equity stakes), to "help build businesses on Facebook.com or around the Web with Facebook Connect," the company said. These recipients are eligible for an additional $225K each in grant funding, which will be awarded to five winners selected by Facebook users and the fbFund advisory council in December. This comes as arguably some of the app and widget madness is dying down a bit, as companies and services in the space get weeded out during the downturn, both as a result of, well, just useless services, and also because of no underlying business model in them. Some would argue that means this is the best time to invest in these services
More in the release, including the list of recepients. A good explanation of what each of these apps do, here on SAI.
By Rafat Ali