Here’s an interesting startup funding note. Facebook has established a fund to grant startup funds to companies developing applications for its platform. Thanks to TechCrunch for the details:

The size of the fund will be $10 million (coming from Accel and Founders Fund) with grants varying between $25 thousand to $250 thousand available for each selected startup that is dedicated to developing Facebook applications. Founders Fund and Accel will get the right of first refusal for the first round of financing of any company in the fund.

Tim BerryTim Berry

Tim Berry is the founder and chairman of Palo Alto Software and Follow him on Twitter @Timberry.