Although we had been making seed investments since 2006, in the summer of 2007 we announced something special, in response to a major move made by the largest social network, Facebook.
Social networks create so-called social-graphs: maps of people and the connections between them. Think of a dense network of dots and lines, where the dots are people and the lines are the connections between them.
In 2007, Facebook announced that they would âopen up their platformâ for developers to write applications on. This was huge. Prior to this move, social graphs were locked inside these social networking sites, usable only on and by that site. Facebook had such girth that we predicted that this would force all the other social networks to mimic the move, and so we further predicted that social graphs had been unlocked for good, and that applications on top of social graphs would become commonplace. And this has indeed turned out to be true.
We announced a fast-track micro-seed program called AppFactory, for applications on top of social graphs. This announcement turned out to be much more provocative than we had anticipated. It was written about in at least a hundred major publications, and we received thousands of business plans. For a long while the world thought that Facebook applications were all we were funding, even though we've allocated only 3-5% of our fund to the seed program, and AppFactory is a subset of the seed program.
Read about the investments we've made in apps over social graphs.
View our entire seed and non-seed portfolio.