Facebook has long been an active acquirer of startups that it thinks could help its business (also: that it thinks might harm its business if left to their own devices). Now it’s taking a step on in that strategy and launching its own fund to invest in startups.
Tech site Axios broke the news, after spotting a job ad for a head of investments for Facebook’s New Product Experimentation (NPE) team. “In this role, you will manage a multi million dollar fund that invests in leading private companies alongside top venture capital firms and angel investors,” explained the ad, which has since been removed. “You will develop investment and impact theses, lead the execution of new investments, and support existing portfolio companies as needed.”
Facebook told Axios that it has found someone for the role. “In the same spirit that the New Product Experimentation (NPE) group is charged with product experimentation, the team is also experimenting with ways to support external startups, including with capital.”
NPE recently launched its own experimental music app called Collab, and with that plus Facebook’s ongoing music moves, we’d suggest that music/tech startups might want to find out who’s leading the NPE fund, and get in with a pitch.