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September 8, 2008 5:48:14 AM CDT

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New VC Fund Wants Only Facebook Apps

Posted Nov 14, 07 12:26 PM CST in Technology,  Business 

(Newser) – Venture capitalist Lee Lorenzen is so enamored of Facebook that he started an investment fund just to finance developers creating applications for the social network site. Not only is Lorenzen investing in a month-and-a-half-old industry, last month at a conference he said Facebook might be worth $100 billion, more than six times the $15 billion valuation that came with Microsoft's purchase of a 1.6% stake.

Lorenzen says people have asked him if he's drunk or on crack, and told him he's an idiot. "I view myself as this voice in the wilderness," he explains. He thinks that Facebook's recently introduced social ads, which link products with the names and faces of friends who've bought or endorsed them, will turn Facebook into a giant virtual mall.

Source MarketWatch

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Facebook.com's mastermind, Mark Zuckerberg smiles at his office in Palo Alto, Calif. in this Feb. 5, 2007 file photo. Rapidly rising Internet star Facebook Inc. has sold a 1.6 percent stake to Microsoft...   (Associated Press)
Facebook CEO and founder Mark Zuckerberg speaks to press and advertising partners at a Facebook announcement in New York, Monday, November 6, 2007. The online hangout said Tuesday it plans to let companies...   (Associated Press)
Facebook application   (Associated Press)
Facebook.com founder Mark Zuckerberg smiles at Facebook headquarters in Palo Alto, Calif., in this Feb. 5, 2007, file photo. Facebook Inc. has avoided the acquisition frenzy that's gobbled up MySpace.com,...   (Associated Press)
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Microsoft  • Facebook  • social networking  • venture capital  • software developers


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