Facebook is Planning a Multi-Million Dollar Venture Fund for a Startup

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Facebook has been hiring skilled tech investors for its newly formed team – New Product Experiment to lead the upcoming venture fund.

The social media giant confirmed about this hiring to the media. However, they did not reveal the name of the hired employee nor did they reveal the size of this fund.

Their report stated they were starting a formal investment program that was meant for startups and would help in boosting the ability of the company to locate the ‘next big social app before it becomes big.’

The company had posted a job vacancy which stated they were looking for ‘Head of Investments’. The job description stated that the person once appointed would have to manage a multi-million dollar fund that would invest in top private companies along with angel investors and leading venture capital firms. The person hired would have to develop investment and influence propositions, head the implementation of new investments, and provide necessary support to the existing portfolio companies when required.

Facebook has recently made an investment of $5.7 billion in Reliance Jio. However, this investment isn’t related to startups. The investment will be used in a different way by Jio.

Conclusion:
It would indeed be overwhelming to see which app would next flourish under Facebook, after all, Instagram and WhatsApp have already taken the world by storm.

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