The Street backs social startups in $250M fund

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Venture capital firm Kleiner Perkins Caufield & Byers revealed its new $250 million fund devised to invest in social applications and companies in the appropriate setting of Facebook's Palo Alto, CA, offices. KPCB already invests in a number of socially-minded startups, including the popular Flipboard iPad app.

"The sFund will provide financing, counsel, and relationship capital for a new generation of entrepreneurs to deliver on the promise of the social web," the firm said.

Interestingly, other companies that have found their success online and through the social Web, including Facebook, Amazon.com and Zynga Gaming Network, have partnered with KPCB to offer support to entities selected to receive funding from the new sFund.

VentureWire, a Dow Jones enterprise, reports

After seeing rapid returns from its fund devoted to iPhone applications, Kleiner Perkins Caufield & Byers is spreading its reach even more and taking on the entire social web with another targeted tech fund.

Interestingly, Kleiner is putting on a big social-media push despite - or maybe because of - having missed out on the two biggest social-media phenomena of this era, Facebook and Twitter Inc. Kleiner is an investor in Zynga, a social-gaming maker, having invested in a $29 million round in July 2008.

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