Facebook, Amazon and investment firm Kleiner Perkins Caulfield & Byers have started a new fund aimed at aiding new start-ups to bring social innovation to the Web.
A major chunk on the sFund will be contributed by KPCB, while Facebook and Amazon will provide business and technological assistants to the start-ups.
The sFund is similar to the iFund started by KPCB, which was formed to encourage start-ups and individual developers to make applications for Apple's iOS platform.
Companies under the sFund will get financing, advice and “relationship capital” aid from the fund's partners. Amazon has agreed to provide services under its Amazon Web Services for one year and Facebook has promised access to its platform and APIs.
Social game maker Zynga and Comcast have also been named as partners in the sFund and will provide valuable business assistance to the start-ups.
The new project is being headed by Bing Gordon, who is also a partner at KPCB and was for the former chief creative executive at EA.
Gordon said in a statement to the BBC: “The companies we will invest in will be the Zynga of health, the Zynga of education, different kinds of commerce, of social utility, of finance. There is an opportunity to build Zynga-sized companies that will scale up.”