Facebook's fbFund Is Accepting Applications For FB Connect And iPhone Apps

fbFund, a $10 million seed fund focused on supporting entrepreneurs who are building their business around Facebook.com or with Facebook Connect, is now accepting applications for its third funding round. The fund, which is backed by Facebook, Founders Fund and Accel Partners, is shifting its focus to funding Web and iPhone app developers leveraging Facebook Connect. In the past, fbFund focused on the broad spectrum of successful and promising applications built on the Facebook Platform.

Facebook founder and CEO Mark Zuckerberg announced the fbFund at TechCrunch40 in 2007. Last year’s winners, included GroupCard, Konatgent, MouseHunt, Wildfire and Weddingbook (which was recently acquired by The Knot).

Facebook will choose 50 teams based on app metrics, developer talent and potential to succeed. From those teams, a subset will later be chosen and offered the opportunity to receive up to $100,000 in equity investment and an invitation to participate in an incubator program in Silicon Valley later this year. While there, the teams will be able to meet with Facebook engineers, venture capitalists and other tech executives.

In contrast to last year, 25 teams received $25,000, and five out the 25 were given an additional $250,000 each. The also fund now has an incubator program, which could be helpful for startups that may need more direction.

Startups can apply on this website. Applications will be accepted through April 20, 2009.