Facebook is launching its own venture capital fund aimed at making small investments in tech startups and for same, the social network has been hiring seasoned tech investors and has even hired at least one veteran investor already to lead a new “multimillion dollar” investment fund within its experimental apps team, reported The Axios.
According to Axios, Facebook has confirmed that it has hired someone for the role of “head of investments”, for which Facebook has posted a job opening recently. The role is for its New Product Experimentation (NPE) team, Facebook has however declined to name the person or say how large the fund would be.
The report further said that to help manage the new fund Facebook’s NPE team has Shabih Rizvi, a Google and Kleiner Perkins veteran who was most recently at Gradient Ventures, one of the corporate venture firms owned by Alphabet, Google’s parent company.
It is to be recalled that in 2007, Facebook in partnership with VC firms Accel and Founders Fund had debuted fbFund, which is a seed fund providing micro-seed investments for companies developing websites and applications related to Facebook. Its portfolio included GeckoGo and Lyft’s precursor, Zimride.
Notably, many big tech companies have their own internal venture funds. Intel was one of the first, which is gradually followed by Microsoft, Google, Qualcomm and others.