Facebook Ratchets Up Its Seed Fund
There was a new emphasis on making money at the Facebook Fund’s third annual Demo Day today in Palo Alto, where 25 startups showed off what they'd created after 12 weeks in Facebook’s incubator. Several people were wearing white T-shirts proclaiming “REVenue is sexy,” and entrepreneurs were encouraged to brag if they've been able to make profits or raise money. A few had. Also, unlike past years, most of the companies do NOT make games. The star of the show, Thread.com -- an application that uses information from Facebook to connect friends of friends who might want to date each other -- announced a $1.2 million Series A round from Sequoia Capital, the Founders Fund and several other investors, including Ron Conway and LinkedIn’s Reid Hoffman.
